Banana plugs (or BFA) are a good choice if you want to be able to easily change, amps, cables or speakers. They have a large contact area. 4mm in diameter makes their circumference 12.6mm and they are about 18mm long giving a total area of 227 mm2 = 2.27 cm2. That is equivalent to a square of 1.5x1.5cm. This is much larger than the cross section of any normal speaker cable on the market.
Of course the plugs should be of good quality but I think they are an excellent choice for cables up to about 4mm2. If they are screw fitted or crimp on that is basically the same thing as a bare wire connected to a binding post but of course you introduce an extra connection point where the plug meets the jack.
Is soldering bad? How many other solder joints are there in the signal path? There are plenty of them in amplifiers and in most speaker cabinets. So does one or two more make a significant difference?
Solder that contains lead should be avoided as lead has a rectifying property. Unfortunately lead free solder is terrible to work with, which is the reason they added lead in the first place, but it is to be preferred both for its audio properties and for the environment.
Using bare wire on a binding post is very fiddly so for practical reasons I don't like using unterminated cables. It is however the cheapest way of connecting very thick speaker cables and does not require any extra material such as plugs or spades. As some others have pointed out it also opens up for oxidisation of the exposed strands of the cable and that can cause more detonation of the sound in the long run than using good quality plugs with an air tight fit.
If you want to fiddle about with loose cable strands go right ahead. It probably does not sound any worse than using terminated cables but for me personally it's just too much hassle...