IMO cutting is somewhat more risky, but less stressful and recovery is quicker.
Banding takes a little more planning due to giving tetnus 2 weeks prior to banding. They also seem to be more sore and less vigorous for a week or so after banding and there is still the possibility of blood poisoning if a band breaks. I've heard some say swelling can build in the sack push blood up above the band, so some open up the sack when banding for that reason.
I prefer cutting, but I'm reluctant to cut big calf and will opt for banding big calves.