In response to a couple of questions, here is how I did my 2-color binding. It seems tricky, but it's really very easy.
When I decided to make my table topper reversible, I realized I wanted the back to stay all yellow, but I didn't want a yellow binding for the front of the quilt. (I've always heard that a little yellow gives the quilt some "pop", but a yellow binding would have been too much for me.) Blue seemed to be the best color for the front, so that's what I chose.
This assumes you do as I do, which is to machine sew the binding to the front first, then hand stitch it to the back. The following directions will give you a 1/2" binding.
First, decide which is your front binding (the blue), and cut it 1 and 1/4" wide.
Then, cut the back binding fabric (yellow) 2 and 1/4" wide.
Stitch the two together with a 1/4" seam.
Fold your fabric in half, and sew the front binding (blue) to the front of the fabric, right sides together, using a 1/2" seam.
Then flip it over and stitch the back (yellow) down, checking frequently to make sure the seamline stays right in the middle.
If I've explained it clearly, you should now have a two-colored binding on your quilt.
If you keep the ratio the same, you should be able to figure out the measurements for a 1/4" binding if you want to.
(Personally, I hate math, so I'm quite happy with the 1/2 binding.)
Now, go wow your guild!