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I used bungees when touring and they were fine. I've got a collection of Voile straps now but bungees are cheaper and more easy to find in service stations if you need to add straps to something. Also pedal straps or buckle straps and velcro straps can be quite handy.
Shock cord on a saddle bag are good for drying knicks - make sure the fastening is secure and you put the cord through a leg otherwise you risk your shorts disappearing off the back of the bike.
Also, bungee cords for bike packing. Are all bungees created equal, or worth splashing out on?