The fastest technique for me (for triangles) is to use the Accuquilt Go! to die-cut the pieces. The cuts are very accurate and the "dog ears" are nipped off which makes it very easy to line up triangles precisely for sewing.
The add 7/8" technique is pretty old now. If I were to use that technique (which I never would, now that I have the Go!), I would add an inch and cut down just because it is so hard to *accurately* cut a square, then *accurately* cut diagonally along the bias to create triangles, then *accurately* line up the bias edges of the triangles and not stretch them when sewing. If I had to use that method to create half-square triangles, I'd probably look for other patterns.
I do both -- use patterns and not use patterns. It depends on the type of quilt and the mood I'm in.