The advantage of a faced or bound coverlet is that it is lighter, and allows you to decide whether you might want to have the quilt machine- or hand-quilted at a later date.
In the meantime, you can use it year-round, and it's easy to store.
Facing means I join the patchwork 'top' to a backing sheet of plain fabric, which finishes the edges.
Binding means a long strip of fabric sewn all around the edges, with the seams of the patchwork are visible on the back.
The reason I wish I could hand-quilt certain quilts, but don't: I'm 71, quilting needles are tiny and sitting for long stretches can make my bones cranky. But also, the time involved for just basic quilting is a minimum 20-30 hours per quilt, which makes for a fairly unacceptable price.]