I believe usual judging criteria for competition quilts is for the binding to be "full" -- I haven't heard it called chunky. I typically use a wider binding than most and like Tallchick trim my border and backing together with my rotary cutter and ruler after the quilting is done, I already have the binding sewn on the front as well. I think I usually cut my binding at 2.5" and trim to 1/2" above the seam line but it's been awhile since I either finished a quilt or made binding
The binding is my last chance to add color or fabric to the quilt, and I love the effect you get from using stripes when you make continuous bias binding.