An interesting question. I "pack" it various ways depending upon what I am wearing or were I will be. I seldom freeball as it often causes me to get semi, and then its really obvious plus there is the rubbing factor which can cause roughness. But sometimes its kool (see: http://www.lpsg.org/attachments/unde...?d=1149546145)
I usually wear boxer briefs and typically position to the right and sort of curved around a bit. So, it is not really tucked, but not hanging either (first photo). I find this to be pretty comfortable as it doesn't rub so much, and it stays in position pretty good. Although, it can as you can show a good bit depending upon the pants and how tight.
At other times I just position off to the right or left, which is actually the most comfortable (photo 2). However, people often think, who don't know my size, that I am having an erection, which I usually don't care about. But sometimes I would rather not have folks think I am horny all the time.
I also sometimes sort of "roll" it up, whcih isn't the most comfortable, but can be more modest. (photo 3). I do a variation on that with more of a tuck to be completely discrete like when I am teaching.
There was a time when I would always position the same way sort of doubled over and off to one side, but that tends to create a worn spot in the pants, which I don't like anymore. (photo 4).
In general i like to position it in various ways, depending on many factors.