I had this discussion, with a few members on here about a year ago. The consensus was, that you get a far better bite indication if the rod eye/butt ring is past the alarm, allowing the line to drop from the alarm wheel to the swinger. With the ring behind the alarm, the natural drop of the line can be hindered. Also if you fish locked up or on tight drag, you won't have your butt ring smashing against the alarm,on an aggressive take.
As with most things, everyone does things differently and how they feel things should be.