I keep reading these post about Elmer's glue and am "this" close to giving it a whirl. But, a couple of questions:
When using the stick, does one completely cover the surface with it?
Haven't tried the stick - only the liquid.
Or with the liquid?
Is it just a light swipe?
I just drizzle it on. As light as possible. I had a few blobs ... will let you know how those areas quilt. When I drizzled it I did a kind of meandering motion - about 3-5" apart. I actually 'dragged' the glue tip across the quilt to get it as thin as possible, in a fairly fast motion. If I missed a spot, I returned - better than getting too many gobs on it. Because I also used the boards (Sharon Schamber method) I first put my backing down and unrolled it making sure it was straight, then I glued the backing and laid the batting on it, then I drizzled glue on the batting. Yes, the glue tip gummed up a little when against the batting but the way I had the backing/top laid out on boards it was still easier than putting the glue on the reverse side of the quilt top and then flipping it over. I just cleaned the glue tip a little more often.
Overall it was a piece of cake ... the worst part was waiting for the glue to dry so I could do another section - but I got some house work done 
I couldn't use the iron to dry it because A) I didn't want to gum up the bottom of my good iron (as I said - there were a few blobs and they did bleed through the fabric - but it's no big deal), and I was gluing it on my cutting board table. I did take a hair dryer to it for a little bit because I was getting impatient
Does it feel stiff when it dries before quilting?
It doesn't feel any different than when I basted with 505, which is to say just a tad stiffer than when I baste by hand. I will be quilting this tomorrow, but the one I quilted with 505 was a dream to quilt - very easy to handle.
Does the basting spray wash out when the finished quilt is washed? Which one is preferred and why?
They both wash out (liquid glue and 505). So far I like the glue better ... a LOT less mess. My problem with the 505 was the mess. You simply cannot avoid overspray when working with aerosol. If it was a pump - I would love it. But with the aerosol the spray literally flies and "drifts" everywhere in the room, and I mean everywhere! Everything I touched was tacky. My quilt was on the floor (concrete) on a plastic sheet, I held the can about 8-10" from the quilt, and I had an industrial exhaust (intake) fan about 4' in front of the direction I was spraying. Despite this ... everything within a 10' radius of the spray area was tacky from the spray. I loved the results of how the quilt felt and held together but I will never again deal with that mess. I used my husbands shop and he was NOT happy about the mess it left.
Any other tips or pointers for a wary gluer-to-be?
Try it first on a small project that is relatively un-important (ie ... not a gift or an item intended for show). I was also wary of both products.
Jan in VA