Here's what I just did...tadooom!:0)I had to bind a quilt for a friend that dropped off her binding and quilt...(just doing a favor!)I left 1/4" of batting and backing past the edge of the top layer. Sewed the binding on the top edge all the way around. The binding was on fold...and, her binding could have been a bit longer for me..didn't measure it but, it was about 2 1/4" wide. I folded the binding down the backside, pinned, mitered the corners and used my 1/4" presser foot...sewed that puppy down..and, it looks great!! Then I had to run one of my kids to the LQS for a project/fabric and while there...I asked several of the older women about the binding. They said they always leave their batting and backing out about 1/4" to give some more protection to the quilt and they said they always sew down the binding (like I just did) if it is a quilt that will be on the move:)
I did go home and pull out some of my oldies...(quilts) and looked very closely at the edges...there is some wear on the binding..only. I'd say, no matter what...we will still outlive any of that type of use on them:)LOL Skeat