All of us who work on guitars agree that they need some relief, we just don't always agree how much or how to get it. Relief works in conjunction with saddle height to provide enough clearance for the vibrating string to not hit the next frets, while still being close enough for easy play. Whether this is an arc, a parabola or some other curve really doesn't matter - we are talking about a few thousands of an inch over a 14 or so inch length of fretboard. And yes, there have been some very deep studies made of the envelope of a vibrating string - but again, I'm not sure how you use that information.
My very simple procedure is basically as follows. When a guitar comes to me I measure everything - I have a little spreadsheet and it only takes 5 or 10 minutes to record it as found. If possible I ask the owner to play it for me, I like to observe technique and listen to his/her comments. One thing I learned recently is confirm the string gauges on it - sometimes the owner doesn't know what they are playing LOL.
Next I take the strings off and adjust the fretboard perfectly flat, then do the frets. There is no point in doing any other setup work until the frets are perfect - whatever method you use do it now. Then I restring it and measure the relief - I use the simple method of a capo on the first fret, hold the string down on the neck to body fret (usually 14 on an acoustic, 16 or so on an electric) and measure the string to fret clearance half way in between (6 and 7 for an acoustic, 7 and 8 on an electric). All I look for at the other frets is a nice increase in clearance from each end.
I'll adjust the truss rod to try to get to a target relief - for me that is somewhere around 0.004-5 for an acoustic, maybe 0.002-4 for an electric. Next the nut, and finally the bridge/saddle height. What I like to do while I set the saddle is to play each fret checking the clearance to the next one - I want to be able to tap the string over the fret and feel about the same clearance and here a little "ping".
A troublesome spot often occurs at the neck to body joint. Relief stops at that point, the fretboard extension is often flat and may drop off towards the bridge. That usually isn't a problem for a bluegrasser who only plays cowboy chords, but it can be a big problem for an electric player with slinky strings and very low action. Sometimes those frets need a little extra care to get what the customer wants.
When I am all done I remeasure the guitar and fill out another column in my spreadsheet - it also has a column of target values. The customer gets a copy.
Different players and different tech have very different target values - here is an interesting look at guitars of the stars (I don't think I would like playing SRV's guitar)
http://www.stewmac.com/How-To/Online_Re ... itars.htmlAnd if you want to wade thru 3 pages of practical information about relief, this is a pretty good start
http://www.bryankimsey.com/setup/neck_relief_1.htm