I own the StewMac binding jig , but I have recently had the opportunity to use the Elevate Binding jig.
The Stewmac jig is a familiar concept, kind of like an comfortable pair of boots, but it's reliance on interchangable bearings and visual depth of cut adjustments makes it less precise than the Elevate Jig , and set up time can be significant between setting the cradle and adjusting the router for dept of cut.
The Elevate jig has some significant design advantages; size, overall precision, ease of set up and its use of a cutter with a relativly inexpensive replaceable cutter head; which costs less than 1/2 the cost of the stewmac router bit. Another advantage if one is building a varienty of instruments is not having to buy (or build) and store multiple cradles to hold various different sized instruments.
I will admit that the first time I used the Elevate jig it scared the hell out of me. The one downside to the Elevate Jig is the totally unnatural feeling of freehand feeding an instrument body into the cutter and not being able to see, or feel, that you are doing it correctly without getting down on your knees and working above your head.
It is very disconcerting at first, and I dont think it would be exagerating to say that it requires a gigantic leap of faith to commit a guitar body on which you have spent many hours, and invested an not insignificant amount of money on , to an unfamiliar tool.
The results are however turned out excellent. The Elevate Jig cuts a very consistent, clean, binding channel and despite my trepidation and clumsiness during the first use worked flawlessly, even if it did elevate my heart rate and blood pressure.
After using the Elevate Jig , I have to say that if I had an extra $500 laying around, I could see myself retiring the stewmac binding jig; if for no other reasons than the space saving considerations, flexability, and set up time advantages.
Fred