In the name of science, I have corrected one of my bellied chisels. This one is 16mm wide and the flat iron bit is something like 11 cm long. Made bij Berg in Sweden. It came to me with a very noticable belly, you could rock it back and forth on a straight edge. I had it flattened and polished an inch or so from the edge. And used it like that for years.
In light of this discussion I glued some strips of 80 grit to a glass plate. Two narrow strips and one full width. I started on the narrow ones to remove the belly (hard to do when sanding all the length of the chisel in one go).
After a while the sanding paper lost its effectiveness. I could have glued a new piece to the glass, but I was impatient and went to the stones. 400, 1000, 4000 and 8000 grit. Carefully flattened of course and making sure all of the stone was equilly used. As usual it takes a lot of time to go from the sandpaper to the stones. Somehow they never match immediately. Overall it took me 2.5 hours to create an ideal chisel. Not too bad, I thought it would have taken longer.
I am not going to give my other chisels the same treatment. I'm pretty sick of it all ready. Some observations:
When someone tells you that it takes a few minutes to flatten a chiselback, don't believe them. (Sorry Mike).
In David Charlesworth's book you can read how he flattens chisel backs, starting with an 800 stone. That must be pure torture with a chisel like this. Start with the coarsest grit you have.
The sandpaper I can get isn't optimal for steel. I'll ask around here if I can find something better, especially longer lasting. Maybe this is an ideal job for diamonds, but you always only hear about very fine diamonds for polishing, not the coarse ones.
When I started to read the woodworking forums, about 6 years ago, it was very common to see someone showing a picture like this, very proudly. I think times are a changing. You don't see this very often anymore. Most people will advice you to polish half an inch or so. Which I think is great advice.