I would not use it on a utility quilt because there is only one layer of fabric at the edge. My method always uses double layer of fabric. My most used and most washed quilt is starting to show the wear and tear along the binding and I think a simple binding would have holes in it by now. If the quilt is not used much, it should work just fine - after all, tons of people use that method.
One trick is to cut the corner correctly so the miter will be a perfect match.