ANOTHER UPDATE
This may clarify the key point of this post. On the photo below, the same gymnast shows her USUAL body position on release for layout flyaway on the left (inferior technique) vs a much better position on release on the right.
Advantages of the position on the right: body is already more rotated, more powerful swing, body is shorter. This technique gives the opportunity for more height. The disadvantage is that hanging on too long, or not “pitching out”, may result in hitting the bar.
The position on the left is the typical weak “whipback” (not layout) from a bar. The only reason kids do this to try to avoid hitting the bar.
==== updated post Apr. 9, 2007
This topic is always controversial.
Justin Slife who moderates the excellent Chalk Bucket forum let me know that the conversation thread has "started quite a conversation".
release position on flyaway – Chalk Bucket
Some feel the illustration below is a bit extreme. It actually was traced from the superb double layout dismount of Olympic Champion Lilia Podkopayeva.
Perhaps the shoulder angle is a bit too much for a simple layout flyaway from giant. It’s still the GOAL position for me, combined with a strong shoulder opening (pitch out) as the hands release.
==== original post Feb. 11, 2007
Very few gymnasts show good position at release on backward flyaway from bars or horizontal bar.
For me, the position shown below is optimal: feet well above the bar, hips (centre of gravity) well below the bar.
The parabolic path of the centre of gravity will take this gymnast away from the bar.
illustration – David Burgess
As an additional safety measure, I like the gymnast to “pitch out” (move the centre of gravity away from the bar) at release. The gymnast opens the shoulders and pushes the feet away just as the hands release.
Gymnastics Coaching.com 