I think it depends on the use of the quilt. If it is to be used everyday and washed often (i.e., a child's quilt, TV throw, lap quilt for elderly), then I would do it by machine and one of use the several machine applications. However, if it is to be used carefully and might be an heirloom, then by all means stitch the binding on the top first and then handstitch on the back.
I make a lot of Quilts of Valor and apply the binding on the back first, turn to top and then use a decorative stitch to secure. Most of these quilts go into a hospital setting where spills will happen and these quilts must stand up to many washings.