This is an excellent question, Holice! I've studied and tried out several different techniques, and have combined several of my favorites to come up with what works for me. I have found that I prefer 2" strips for my binding, because I like a tight, narrow, filled binding that is close to even widths on the front and the back. I am talking about a french fold cross-grain binding - that is, with binding strips cut from selvage to selvage instead of on the bias. I only use bias binding if I have curves, or on the rare occasion to achieve a certain look from say a stripe or design in the print.
I always join my strips with a 45-degree angle, lower my stitch length to about 1.8, then trim the seam allowance to 1/8" -3/16" and press it open to distribute the bulk. Then I fold the binding in half and apply to the top of the trimmed, squared quilt using my 1/4" foot with a guide to keep the seam allowance consistent. I slide a rubber glove on my left hand which immediately helps to alleviate the pressure and tension in my hand, arm and shoulder as it grips the quilt and keeps it in place. Then I leave a 6" tail and start stitching, going about 5". I plant the needle and TEST to see if my seam allowance is correct, meaning that if I fold it over, will the fold just barely cover the stitching line on the back side. If not, I'll adjust my needle one or to clicks to the right or left and restitch if necessary.
Getting the miters just right at the corners is easiest if you stop one stitch before a seam-allowance-width away from the corner. I back stitch a couple of stitches, then pull the quilt out of the machine to make my mitered fold. I agree with Holice, that angling off is not always accurate. It's easier to illustrate this, as well as mastering that final mystic mitered seam - so here's my binding lesson:
http://www.rileyblakedesigns.com/med...Lesson_pdf.pdf
here's a link to a photo tutorial:
http://www.rileyblakedesigns.com/cut...ding-tutorial/
and here's a video using the same technique on miters and that final seam for machine binding:
http://youtu.be/i9riC03FNRQ
Once the binding is stitched on, then I lightly press the binding away from the quilt to get a crisp fold, then I fold the corners over to form identical miters on the back side and pin to secure before I get to it to hand stitch the binding to the back with matching thread.
If a binding is neat, filled and secure, it can really elevate a quilt's beauty, and have better wear.