Had a large timber deck built about 8 years ago and with little knowledge at the time, assumed that the grooves were meant to go up for "grip" purposes. Since then I have discovered that if your foot is moving in the same directions as the grooves....forget about grip.
I also spent several hours brushing on some American Redwood coloured stain which looked beautiful at the time.
8 years down the track and I would love to change the colour of the deck but see it as impossible to sand back the timber due to the nature of the grooved finish ( I could be wrong ).
A couple of years ago while watching "Backyard Blitz", Scotty the builder advised the correct reasoning for putting the grooves down ( air flow etc ). As such, when a balcony decking had to be replaced by my Home Builder due to rotting bearers ( under warranty ), I insisted that the pine decking be installed groove down. Apart from the air flow issue, I can repaint it as many colours as I like with easier surface preparation ( even allowing for the earlier comments in relation to painting 1 surface only ).