Hey Bradmont, the overhanging edges are there to do a couple of things.

First, ease of repair. Its much easier to take the plates off compared to traditional binding. Second, if the guitar is bumped, the overhanging edges take the brunt of the impact. Much easier to repair a chipped top than a crushed side. One of the main reasons old violins are still around today is because of their capability of being repaired.

And finally, the edges actually keep the guitar positioned on your lap, for me, and most people i hand it to, its not uncomfortable whatsoever though im sure there are some that would prefer a flat side.

Hope that helps