The Martelli system is really great if you do a lot of quilts or if you have arthritis in your hands and don't do hand bindings or something like that. It doesn't do front and back at the same time - you still have to sew the raw edge of your binding to the front of your quilt.
You can get just the Stitch n Ditch foot and spend a lot less than buying the whole system. This foot really does stitch in the ditch - but only along an edge, not out in the middle of the quilt. (adjustable)
It does mitered corners - you have to stop and start again, but there is a set of three sizes of Minute Minders that you can buy to make the precise miters for you.
The Zip Bind tool sets the size of the fold and the Zip Guns clip onto your measured binding to hold it in place, but these aren't strictly necessary to help you make good bindings.
Their online store is kind of confusing, but here are the binding tools:
http://www.martellicatalog.com/mm5/m...tegory_Code=ZB
And here are their You Tube videos:
http://www.youtube.com/results?searc...l2.2.1.7-1l6l0