Wendy:If you buy the proper sized wing for the tanks you are diving then you don't need the bungees. To me, bungees are an attempt to fixing a problem that you shouldn't be having in the first place. Not to mention the other points that have also been brought up about drag and streamlining.
Considering the amount of junk hanging on and around your body, the effect of the wing on total hydrodynamic drag is, at most, negligible. We are just not hydrodynamically streamlined.
Wendy does have an excellent point, however, that is missed in a lot of these discussions.
The size of the wing based on your lift requirements, and the SHAPE of it (as in, where does the gas wind up in relation to your body) are much more important concepts for bouyancy control.
I dive a re-breather. ALL wings that I know of are improperly shaped for this usage. They are not small enough at the top, behind the neck, and do not provide lift specifically at the small of the back where weight such as tank valves and regulators are located.
Tobin George, of Deep Sea Supply Diving Accessories, has one in the works, but it may be a while.
Cheers!