My girlfriend did the braid method once. I didn't know her then, but she said it worked. I did see them after she cut them off, and they were definitely locks, but you could still see a hint that it was braided after a few years. An issue that I see with braids is that you still have to make sure it's loose enough at the root that it's not pulling the sections apart at the scalp. You never want to see scalp in between your locks.
And, like Eagle said, you never want bands in your hair. Especiallywith a braid method. Braids, inherently, slow down the process of letting your hair tangle. Bands would slow it down even more by not letting the tips move at all. Not to mention all of the other problems that come with using bands