First is belts are NOT adjustable, i.e. must be made for a set distance between the front peddles and the rear drive (With a stationary machines an adjustment of the machine can permit the use of just one belt, but the adjustment is on the machine NOT the belt and most bikes can NOT do that type of adjustment).
You may NOT be even able to go to a different tire size, for that would increase the distance between those two points and make the belt to tight (or if you go to a smaller tire to lose. i.e. a Biker could NOT go from a 26x1.5 tire to a 25x 2.0 tire on most bikes for the change in tire size would also change the distance between the peddles and the read drive, I suspect such a change would still be possible but you will have restrictions much more then with chains, for with chains, the chain can be adjusted by adding or removing links from the chain).
Furthermore, the belt would be for a set frame, one chain could NOT be used for a set of frames, for example a 18 inch frame would have one belt, the 20 inch frame, do to its different length between the Peddles and the Drive, would have a non-interchangeable belt, the same with a 22, 24 and 26 inch frame. Metric sizes would be as different and NOT unchangeable (Through you may see some interchangeability between very close metric sizes). Thus instead of one Chain for all the frames a bike maker sells, the bike seller will have to have at least a dozen belts for each bike frame SIZE.
With Chains, one Chain can fit any bike with the same chain size (i.e. 5 speed, 6 speed, 7 speed, 8 speed, 9 speed and 10 Speed rear hubs). Thus a 18 inch bike frame can use the same chain as a 24 inch bike frame, the difference can be made up by removing or adding chain links. Thus if you are making bikes, you only need one chain if you stay with all nine speed bikes, no matter how many different size frames of that bike model you make or carry.
The Second problem is that chains can be disconnected but belts can NOT be. In the days of High Tension Steel bikes (Most bikes prior to the 1980s) would NOT have been much of a problem, but with the increase use of stiffer materials for bike frames this is a concern. The Stiffer the material, the less energy is lost to the frame itself and more the the drive train, Chrome Moly, Aluminum, Titanium, Magnesium and Carbon Fiber frames are all STIFFER then High Tension Steel and thus much easier to peddle, something like 70% of peddle activity can be absorbed by a High Tension Steel Frame.
With Chains, you can "break" the chain in two and keep the bike frame intact. With Belts you can NOT "Break" the belt, you must have a way to open the frame so the belt can be attached. Any break will make the bike less stiff and thus hard to peddle. Most of this loss of Stiffness will not be observed by most people, but it will exist and when operating with similar bikes except for the belt drive and the break in the frame, the cyclists will notice the difference, even if it is minor (And racers will notice it big time, and thus will NOT put it on their Racing Bikes).
The other problems with the Belts are minor, most people do not bike in heavy snow (And a
"Chain Guard" would prevent most the problems reported with belt driven bikes and snow. A third major problem is most chains, within a set chain size, 5 speed, 6 speed, 7 speed, 8 speed, 9 speed and 10 speed) can be interchanged between most makers of those chain size group. You can NOT put a 10 speed chain on a 9 Speed system, but you can put various makers 9 speed chain on whatever 9 speed bike you have (Some limitations exists, but are minor compared to the huge variation of possible Belt drive systems).
Belt drive like the shaft driven bicycle discussed in this forum in 2008, good concept but the lack of flexibility compared to chains, keep Chains #1 on bicycles.
The Thread on Shaft Driven Bicycles:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=324x1870