I have a binding tool and couldn't bind a quilt without it. Makes it so easy to do your bindings so it lays just right and flat. Great little tool and worth the few $ they cost. I suggest them to every quilter I know. Get one, you won't be sorry.

I have the binding tool and can't seem to get the jist of it so I don't use it for binding I did however watch a great tutorial from MSQC that uses it as template to make a braid pattern, so dual purpose.

http://www.youtube.com/watch?v=EpHAp_pyVXQ

Don't have a binding tool and don't waste your money on the $20 sharpeners. I do agree with snipforfun about the Grace Co TrueCut electric sharpener. I think on sale it was about $39 but I have been very happy with it