Quilts have become popular, especially on BPL, but I have stuck with the cocoon approach.
Some years ago, MontBell dropped thick draft tubes for some of its bags, and substituted insulated but thin flaps not much wider than the zippers. Will Rietveld’s review of one of these bags contained a photo and description of the flaps at: https://backpackinglight.com/mb_down_hugger/ (Later the spiral became a super spiral, and Will did another review.)
Immediately purchased the #3, the 30 degree F model at around 21 oz. The flaps made it much easier to zip and unzip the bags. Do they release much body heat? For a long time I had always stuck to synthetic bags rated at 30 degrees F due to early experiences with down bags that just became useless if moisture got to them. This can happen despite maximum care, such as when a tent fabric fails, and leaks. But went back to down to get the weight savings, as the best synthetics I could find with the same temp ratings weighed more than twice as much. And the DWR treatments on the MontBell bags repelled moisture well.
The synthetic bags left me chilly at 30 degress F, and below, and sometimes everything in the pack with any insulative value, even the raingear, had to worn inside the bag to keep warm. With the spiral down bag from MontBell, this never happened – it was much warmer, even with just the flaps instead of puffy draft tubes. And wearing a puffy synthetic pullover and pants purchased from BPL, I could be comfortable at much lower temps and enjoyed a much wider temp range for sleeping. The spiral construction and other features also added to the performance of the bag.
So resolved that the next bag project would use the MontBell flap construction, probably with a strip of 3M Thinsulate in the flap. But am still using the Monbell spiral almost ten years later. (Someone commented that it must be pretty rank by now, but it isn’t because I backpack mostly in the high Rockies or mountains in northern New England, where the nights are cool even in the summer, and with the 3/4 zip closure, the bags can be opened up and kept well ventilated while sleeping.
So unless you are making a zero degree F bag for winter or arctic zone use, I think the flaps are better.