I've always used pricking irons and an awl for everything I've made and then done saddle stitching. I like the end result - the stitches have a nice slant to them, the holes close up and are nice and tight, and the end result feels super secure. I just wasn't sure if the punch method was necessary or just something to build a brand around. It seems like its a personal preference.
Fredk - where did you get that slick set of pliers? One of my biggest challenges is having the time to do leatherwork. The most obvious time is after my kids in bed but then hammering on leather with a kid in the next room is asking for trouble.
Thanks all for the replies.