If it works for you it is fine in my opinion. Dreamweaver bindings are actually PHP code that they pre-generate based on your mysql database. It creates the connection and queries for you without exposing you to the code. However you can look at the generated code as the query and results are listed inside your page and the connection string information is stored via an attached file in the Connections folder. I tend not to use the MM connections because they only like to generate basic SQL and although they do reuse the same connection I often end up putting custom code inside my connection and db pulls to perform extra work.
Anyway there are many right ways to do something with varying degrees of success involved. Meaning some may not be as quick or as elegant, but unless you notice a problem running the code on your web server it really is more of a style and update issue to me.
-Geoffrey
