I tie in above and below as well. When first setting up a bow I will tie in around the peep like the specialty video, but once I know it is where it should be I use about a 3 foot piece of serving material and tie in, then serve opposite sides of the string above and below the peep until the string halfs naturally come together, then backserve 4-5 turns, then trim and burn. It is important if serving above and below to serve the whole way to where the halfs come together, specialty peeps will sometime cut you string strands if you force the seperation together where it doesn't want to.

I do above and below because of what Ausie described. I have not had the peep moved on me in competition but I know those that have had this problem and I don't want it to happen to me.

Edit - Here is a link that illustrates how I tie in a peep.

http://archerytalk.com/vb/showthread...ght=peep+serve