I get quite a few requests for bracelets and watches made with stretchy cord - it's pretty popular with people that have problems fastening clasps. While it's not always my first choice of materials, I think it has its uses. I also think using stretch cord successfully depends on two things - the type of beads and the type of cord.
Heavy beads or beads with sharp edges probably aren't the best choices for use with elastics. Personally, I don't care for Stretch Magic or similar cords, but I've had a lot of success with Gossamer floss. I use a big eye needle and double the floss.
Like a lot of beaders, I got started in beading by making stretch bracelets and while some were pretty awful, I still love a few of the first ones I made. Those are about 10 years old now and are still holding up well.
If you decide to try it, go ahead and pay a little extra for the brand name - the big spools of no-name stuff that you can get at shows generally stretches out and/or frays easily.