I have dove my Rec wing both with and without the bungees. With doubles, the bungees serve no real purpose other than keeping the wing retracted next to the tank. I have however not noted any difference in drag and as swimmers go, I am on the fast side. I do think however that in a strong current, every little bit helps and I would defininitely consuder using the bungees if I had to hang in strong current.
I have not done a formal leak test exactly as mentioned above, but I have activated the wing mounted dump valve with and without bungees while in a vertical position in the water. There is a substantial difference in rate of deflation with a full wing, but the difference drops quickly as the amount of air in the wing decreases and the bungees will not fully deflate the wing. The several inches of water pressure offset the pressure from the bungees, unless the bungees are way too tight.
In my opinion though, the leak argument is a weak one as you will (should) also have a drysuit and/or a lift bag along so loss of bouyancy due to a very large leak is already addressed. In addition, with a dive rite wing, the bungee is one piece, so you could readily pull the bungee away from the wing, cut it, and easily unlace it under water to elimnate the issue.
Excessively tight bungees are also the only way you can create a situation where you cannot orally inflate the wing. The bungee tension should be properly adjusted with the wing full, and if this is done the effects are moderate and oral inflation is possible. And again, if it's a problem with a DR wing, just cut the bungee.
Which sort of leads to the fact that all bungees are not created equal. The OMS bungees do wrap completely around the aircell and do create the potential for air pockets and entanglements. Dive Rite wings however lace the bungees under the aircell to the edge of the cell through a 4-5 " tube that spreads the load and then back and do not go over the top of the wing. This greatly reduces the potential for air pockets and entanglement.
With a single tank and a u-shaped wing, a set of bungees will help reduce taco effects and will keep the wing from flapping in the breeze so the air trapping issue is pretty much a draw.
In short, I use a non-bungeed wing with doubles as it is not really needed in most circumstances. I will use the bungees with a single tank due to the need to minimize the taco effect. And I will use a bungeed wing when doing commercial work where a single tank bailout is used due to the single tank taco issue and due to the usually low viz/zero viz environment with the potential for pointy objects and a desire to keep the wing close to the tank and out of harm's way.