The only real time difference in the beginning of this method is making sure your stripes match first. The cuts and seams are to be a 45 degrees when we finish, so I just do that first.
So far on all projects larger than 12" squares, subtracting 1/2" from the center measurement of the pieces seems to work fine and allow for the corners. I have been using this method for at least 4 years and find that it works easily and quickly. I struggles to miter some black and white stripes on a project by the old method and knew there had to be a way. I tried a few and determined the 1/2" less. The exception seems to be on projects 12" or less, where 1/4" less seems to be enough.