Should also add after 5...b5 if White plays slowly e.g. 6. d3 Blacks plan involves Qc7 threatening ...e5 (after which the Bf8 can develop) - surprisingly hard for White to stop as a d4 can still be met by cd4 Nd4 Qe5 in most cases.

Apologies if this has been covered before but I couldn't find it - only this mysterious 5. b3 move being quoted as almost 'refuting' 3... e6 (ok, I exaggerate slightly...).

Can someone explain to me why 4.b3/5.b3 against e6 is considered so strong by some in this forum? I've been playing this line for years with Black with good results.

e.g. 4. O-O Nge7 5. b3 a6 6. Bc6 Nc6 7. Bb2 b5 is fine for Black IMO. (Bb7 next). Note that a quick d4 by White is answered by cd4 Nd4 Qf6, a very important idea in this line.

More interesting for White against 3...e6 are the lines 4. Bc6 bc6 5. d3 followed by either Nh4/g5 (and a quick f4) once the Black N has gone to e7, or the lines where white plays an early h4. Generally both these options lead to very interesting positions.

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well white has invested 2 tempi to get the king to f8, besides if for some reason you don't want to play this line then 9...Ne6 is also perfectly ok. white has to take care that the e5 pawn doesnt turn into something of a liability.

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what is so scary for black about the line you mention roi? surely after 5Re1 Nf6 6e5 Nd5 7Nc3 Nc7 8Bxc6 dc 9Ne4 b6 10Nf6+ Kf8 11Ne4 Bg4 12d3 Ne6 black is perfectly fine (see for example Lutz-Piket 1995). There aren't too many promising deviations for white in that sequence either. I dont see any reason there why a 3..g6 player should be afraid of the 5Re1/6e5 line.

3...Nf6 4.Nc3! and we are back in very well played out territory - the guys usually get this position via the 3.Nc3, 4.Bb5 move-order. In my opinion its a lot more risky for Black than the other Rossolimo lines.

Not that I would call myself a "better player", but at least I had a look at the Megabase concerning your idea: it is not very poplular, but in general it seems to be not-unplayable:

3..e6, 4.Bxc6 bxc6, 5.0-0 d5 or 5.d3 d5

or

3..e6, 4.0-0 a6, 5.Bxc6 bxc6, 6.Re1/d3/Nc3/c4 answereed with 6..d5

The reason, why I would definitely not recommend it, is the same reason, I dont play all in all the e6-Rossolimo, b3:
4.0-0 a6, 5.b3! or, even more cruel, 4.b3!!

If I am not completely wrong 3..Qb6 is in the main variation nothing else then a transposition to the main line of to 3..e6:

3..Qb6, 4.Nc3 e6, 5.0-0 a6, 6.Bxc6 Qxc6, 7.d4 cxd4, 8.Nxd4 Qc7, 9. Re1

=

3..e6, 4.0-0 Nge7, 5.Re1 a6, 6.Bxc6 Nxc6, 7.d4 cxd4, 8.Nxd4 Qc7, Nc3

I am not an expert. Tell me if I am wrong. But 3..Qb6 means that you move the queen 3 times in the opening, doesn`t it? (Qb6, Qxc6 if Bxc6, Qc7 when d4 + Nxd4).
I cant believe that this can be sound ???

Interesting remarks on 3 ...d6, Torre. I voiced very similar thoughts in the latest (7 April) post in the 'Rossolimo' thread, but I don't have much practical experience with this stuff (though I do play the Nimzowitsch Defence, and there are similarities between the 3 ...d6 Rossolimo and the 2 Nf3 d6/...Bg4/...e6 Nimzo!).

Would you care to give some more concrete lines?

3..Qb6 is, if I count right, a KAN with a tempo minus: no good idea.

I share your dislike of 3..e6 because of 5.b3, a very strong variation. Against 3..g6, 5.e5 is really very strong, but you have 5..e5, but if you dont like it, we need not discuss, then 3..g6 is nothing you can consider.

But there is nothing wrong with 3..d6! I play it. You dont like 0-0-0, dragon-like positions, OK, but you can instead of 6.Bxc6 (4.d4 cxd4, 5.Qxd4 Bd7..) take with bxc6 and you nearly never get 0-0-0. At least in theory not. I know that there will be some players who are so used tho this, that even if theory shows something completely different, they play 0-0-0 in the bxc6-variation, but then you have with some tricks, like develop Be7 before Nf6, good play.
Concerning 4.Bxc6 bxc6, 5.0-0 you can play e5 and then after 6.c3 immediately f5, after d3 or Re1 you play Be7 and then f5, looks very interesting.
And if White plays the main variation with Re1 + c3 you play 7.Bf1 Bg4, 8.d3 e6 or 7.Bxc6 Bxc6, 8.d4 Bxe4, 9.Bg5 Bg6 with an interesting position, that will be won by the better player, in this special kind of position you need not care that you must take back Bxf6 with gxf6.

I played yesterday several games with 3.Na5 in internet games. Not bad, all opponents had to take breath before move nr. 4. Resulting positions were OK, but, as it is with black, I needed every tempo like a piece of bread to get ready with developping my kingside, and this made it happen, that at the end of the opening that knight is still on the place a5 and even a blind sees that it is there definitely misplaced.

I posted this on other place in this forum but I think it is so important, that I open a new thread:

the more I look at it, the more I recognize that the Rossolimo variation is indeed a foolish thing. 
White has, whatever black plays, a deadly line

against 3..g6 this is for me 5.Re1 Nf6, 6.e5!, quite difficult; I played this some days ago and say: never again;
alternatives 5..d6, 5..e6 terrible; only 5..e5 but this is not what I want to play.

against 3..d6: 4.d4 and castling long;
well, this might be playable but I am not used to 0-0-0 positions

against 3..e6: 5.b3, very diffult, Akopian did beat Kasparov in this line, the bishop on b2 is so strong that you can only decide between Ne7/Ng6/f6 or the Kasparov-line;
whatever you take, difficult again, very difficult.

I will have now a look at 3..Na5 and 3..Qb6, it cant be worse then the main lines in the Rossolimo!