im still in the process of deciding...
on the one hand, they give you a really nice direct feeling of control over the board that you dont get with straps. its also good when you come off and dont have to body drag to recover your board.
the negatives - getting them on and off is a bitch in really cold weather, they make my toes go a bit numb after a long sesh, and in choppy conditions my feet get forced further into them making my franken-toes stick way out...
anwyays, ive got a board with bindings, and a board with straps, so its best of both worlds really