jepuskar,
There is a lot of info on this here on ScubaBoard. You can do a search for even more info.
Bungee wings use elastic cord or surgical tubing to restrict the size of the wing. Perimiter bungees, like on a Dive Rite, are sort of "laced" around the outside of the wing. The OMS type bungees are tied around the entire perimiter of the wing.
If you take a casual look a bungee wings, they might seem like a good idea...it is really quite the opposite though. Bungee wings restrict the wing, making it harder to inflate orally or via LP. The bungees constrict the wing and create gas trapping problems and additional drag. (Look at all the ridges, etc that are created by the bungees on the OMS site...these create additional draw where a non-bungied wing would not. The drag IS noticable.) Bungee wings are problamatic if you get a hole in your wing...they will squeeze all the air out of the wing. I used to dive a bungee wing before I knew any better. During one dive, I kept sinking and could not get neutral. I soon found out that I had a tiny hole in the wing. The bungees would push down on the wing and force air out. Because of the bungees, my wing would not hold air...this could have been a serious problem had I been overweighted. A non-bungeed wing like a Halcyon will still hold air despite having a hole in the wing...there may be a slight leak, but since there are no bungees forcing air out of the wing, it really will not affect the dive. Needless to say, I don't dive bungee wings anymore. If your inflator where to come off some how, a bungee wing will provide zero lift...a non bungeed wing will still work.
A lot of people buy bungee wings because they think that the bungiees will allow them to use the same wing for doubles and singles...basically they are too cheap to buy the appropriate size wing. This is crazy, personal safety is not something you want to be cheap about.
Another issue is that the bungees create additional areas for entalglement. The also put stress on the wing and will wear it out faster.
Bungee wings are simply not part of safe diving. A lot of people do use them, but I don't think many are aware of the various problems they cause.
A lot of people here on ScubaBoard refer to them as BWOD - Bungee Wings Of Death.
I would stay clear of bungee wings and get a proper, non-bungeed wing.