Kerfing planed flush with the sides. You may notice a couple of anomalies in the photo.
1. The style of kerfing is different from the top kerfing.
Yes, I found I prefer the reverse kerfing much better and, since the binding will go down into the sides more on the non-carved bottom, having it be thicker for most of its length provides more strength.
2. There are a couple of bits of mahogany kerfing next to the headstock.
When I ordered the additional kerfing for the bottom (I underestimated in my original order) I knew it took more than one length, but I had some spare bits of mahogany reverse kerfing from previous builds to fill up the difference.