Ok, I broke out the physics book!!! The literature keeps referencing "the magnetic field through the loop", not above the legs. The current is produced by the delta change in the amount of flux lines through the loop versus the delta change in time (so the faster you go increases the potential emf). The book did provide a picture showing max/min emf voltage when the flux lines are removed from inside the coil, so that previous animation in this thread is correct (when the PM flux is removed from the center of the coil, this produces the emf peak).
If you have a single straight wire with current flowing through it, it will produce a magnetic field axially around the wire...so if you make a thumbs up with your RIGHT hand and fingers curled in, the thumb points in the direction of the current flow in the wire (typically from + to -) and the direction of the flux lines will be in the direction of your curled fingers.
So coiling many loops of wire together enhances and concentrates the magnetic flux lines towards the center of the loop arrangement (thats why we make coils). In our alternators, there is a sort of back emf that cause the system to "load down" under heavy current draws. This is because the coils act as magnets themselves when there is increasing current flow, that effect resists the permanent magnets on the rotor, therefore, requiring more external power (wind) to make more current.
Another cool thing are AC/AC transformers, its just input wires wrapped around an iron core (laminated of course) and the output wires wrapped around the same iron core, BUT, the output wires will either have more or less loops. More loops on the output side steps UP the voltage, less loops steps DOWN the voltage. The alternating current creates an ever changing magnetic field in the input loops(greatly enhanced by the laminated core), this changing magnetic field induces the current in the secondary output loops.
I'm still studying...