Well, not as experienced a diver as others here, but I will try and play a little of "devils advocate" as well as both side...
First I don't like the idea of the "bondage wings" aka "bungee wings o death"
The idea is of course, to minimize drage EVEN more by keeping the wing as small as what is needed to hold the air inside. Also to minimize "bubble shift" inside the wings as you change attitude.
That being said, the disadvantages are the possible snag hazard (not sure how likely), the squeeze on the bag, pushing air out if it is ruptured (agree it depends on how tight the bands are on how big a problem this would be)... According to George Irvine there is another issue I don't agree with 100%, he states you can't orally inflate it as easily (in the DIR3 video) due to the fact that the outside pressure of the water is squeezing the wing, and the bungees, and you are already fighting against the pressure of the water to inflate them, then add the bands, and your waiting to rupture a lung... The problem I see with this is (and he probably just goofed in what he said, it happens) is that the purpose of the regulator is to deliver air at the same pressure as the water, so your lungs contain the same pressure air, in which case you wouldn't be fighting the water pressure, only the band pressure... where if the bands were too tight, yeah oral inflation might be hard... again a config issue.
My biggest thing with them is that the seem to be a solution to a non-existent problem. My 36lbs wing doesn't have an excess drag problem when deflated, nor a noticable "bubble shift" so the bands solve problems I have never had or noticed. There are guys who like them, and equally as many if not more guys who don't like them.
Possibly the BEST reason I could see having them (and I wouldn't buy them for this purpose) is if you were cheap and wanted a wing large enough for doubles, but that could work for a single tank without having excees drag, or the wings "flapping in the breeze" in which case they probably work well for that... But is it really a good idea to use a wing large enough for doubles with a single tank, just because you are cheap? Thats a personal preference.
Ok, enough from me, I'm by far one of the less knowlegable guys here, I just thought I'd try and show both sides, as unbiased as possible, and play devils advocate some... hope I did a good job at the unbiasedness?