As my first contribution to the forum, I thought I would share my rendition of the "'D.E. Williams" binding channel router jig. It's got to be my favourite non-commercial tool in the shop.
I pretty much followed the instructions given on Williams' web site: http://www.dewguitars.com/BindingJig/Binding%20Jig.htm . Perhaps the hardest part to source is the UHMW plastic "donut" -- I used UHMW bought from Lee Valley Tools on a visit to Canada, and the machining was done on my drill press and router table.
I like the jig, because the guitar remains stationary and I guide the router with my hands -- seems more natural than the other way around, and I feel I have absolute control while ensuring that the router is always dead vertical.
There are two parts, the carriage, and the articulated, telescoping swing arm that holds the router. The carriage is clamped to my bench when I need it, and the arm is screwed to an indexed position on the bench top ...

The guitar is secured in the carriage with the soundboard level (ensures on my guitars that the sides are vertical). The arm reaches all edges to be cut.

The router rides on the UHMW "donut" so that it is not affected by curvature.

Also makes routing of headstock binding channels easy -- you can always see what you're doing ...

The only "con" to the jig, is that it takes up considerable space for storage when not in use, but I think that's a minor point.
Hope that helps someone!
Tim