I've only done a few mins of fixed / clipless. My impression? I could stop WAY more efficiently without managing my feet / pedal position. Not sure I'd trust 'em in a emergency or hard stop....but I've been there with loose clips too and came out all right.
Regarding strap quality-- I've had standard MKS leather and no-name cheapie leather from Ben's Bike. I bought the latter 'cause they were black and cheap ($5). I figured I'd give 'em a shot. They suck.
Not only is the leather a crappier grain, the buckle slips easily-- won't lash down half as well as the mks. And the worst part is that the buckly is attached by a single rivet and therefore pivots outward when I insert my foot....making getting into the clips difficult even when "loose". The mks set is double-rivetted such that this doesn't happen.
I gotta get some new straps.