Polarization observables in<mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML" display="inline"><mml:mrow><mml:mi>γ</mml:mi><mml:mi>N</mml:mi><mml:mo>→</mml:mo><mml:mi>K</mml:mi><mml:mover accent="true"><mml:mrow><mml:mi>K</mml:mi></mml:mrow><mml:mrow><mml:mrow/><mml:mo>¯</mml:mo></mml:mrow></mml:mover><mml:mi>N</mml:mi></mml:mrow></mml:math>

Some of the rich structure of the polarization observables recently developed for processes like $\ensuremath{\gamma}N\ensuremath{\rightarrow}\ensuremath{\pi}\ensuremath{\pi}N$ and $\ensuremath{\gamma}N\ensuremath{\rightarrow}K\overline{K}N$ are explored within the framework of a specific model for the latter process. Emphasis is placed on observables that may be accessible at existing facilities in the near future. The sensitivity of the observables to the details of the model indicate that they will be a very useful tool in differentiating among models used to describe reactions like these. Within the framework of a model for $\ensuremath{\gamma}N\ensuremath{\rightarrow}K\overline{K}N$, the sensitivity of the observables to the coupling constants of the \ensuremath{\phi}, to the properties of the $\ensuremath{\Lambda}(1405)$, and to the existence of the ${\ensuremath{\Theta}}^{+}$ is examined.