I believe it's the method I use all the time. I cut a strip anywhere from 1.5" to 2.5' with grain, usually the width of the fabric. Fold in half and iron. Apply with the raw edges to the raw edge of the quilt. Wrap the binding around to the other side and machine sew or slip stitch. I does give a very stable edge.
The corners are not too tricky. Sew to within a .25" of the corner, lift the binding up at a 45 degree and fold it back down parallel with the next side. You have a triangle at the corner which will lie flat when its wrapped around to the otehr side.
I'm off to work right now otherwise I'd hunt down a video. There are many sites out there. I'll post one later if no one esle has.