I agree with a lot of the people here. It depends on the batting. I usually use Warm and Natural, which is fairly thin but has a nice heft and density. Sewing 1/4" around for the binding is ok with that batting, for a smaller quilt. When I make a large quilt, I use 3/8". That gives me a little extra wiggle room for getting the whole thing through the machine, while it's pulling to the side. I don't end up with a wiggly line, but the machine has more to hold on to when I use a 3/8" seam for the binding. My 1/4" seam allowance doesn't cover the second walking foot. I like 1/4" for the binding on the front because my backings are usually solid, so a wider binding is actually nicer looking.
And even if I had a smaller quilt, but was using a higher loft batting, I'd move over to 3/8" for the same reason.