this is frequently done, but I've never done it myself. The only problem I've seen with this technique is that the corners don't always look as nice and the fabric sometimes gets twisted a little when it's folded to the front...but those things can be corrected with practice. The technique is done by making sure you have plenty of fabric on the back to allow you to turn it over when the quilting is done. You have to fold the backing out of the way in order to square up the batting and front then bring the back out, square it up with the front and then fold it over and stitch. This process to me is just as confusing as the traditional binding method is...and I'd be sure to cut the backing material when I was squaring up the batting/front so that would make more work...
The technique I've read about for doing the corners is to pull the corner of the backing material in to the front corner making a diagonal fold across the corner, then, when you fold in the top and side, you have a neat corner with no raw edges showing...I'm sure there are tutorials on how to do this. Good luck.