mlarn and I like velcro over bands, yashica, for lots of reasons. I have tried both -- I have the iQube bands that were made exactly for this purpose.
Cinch tightness is the correct physical force here, not compression tightness. Especially during the separation process -- necessary to get thru airport security. An assembled rig will get you stopped every time.
The velco is flatter than rubber, and better looking than regular bands (some of the rubber bracelets look nice, but except for iQube don't fit properly -- although insyte seems to have found one).
And of course velcro adjusts perfectly, plus there is no need to worry about its losing the ability to hold tight, as bands do over time.
Velcro is the solution. I'm hooked. (Sorry that was terrible).