I use both techniques, depending on what I'm flying and the conditions.
Landing gliders with their long spans close to the ground I crab until the last second then gently align the fuselage with the direction of landing whilst keeping the wings level. On the 777-2/300, by about 150-200' above the TDZ I'll have transitioned from crabbing to aligned with the runway in a stable sideslip. If the cross component exceeds about 25kts, I'll take c.25kts worth with wing down and get rid of the rest with a de-crab in the flare. In the Cub, there is nothing more joyous than landing on one main wheel 1/2kt above the stall and rolling out in a straight line with the wing gently coming back up - shame that it doesn't happen that way very often!
The benefits from a wing-down approach in a large/long aircraft, assuming that the airframe geometry will let you, are: a) tracking down the centreline and not having to guess how far upwind you need to place yourself to be aligned when de-crabbing and b) if you misjudge the flare and float a bit or are caught by a gust, you have time to sort it out, rather than being drifted downwind off the centreline. Having a bit of extra drag helps to keep the engines in the rapid response range, especially with a tail component.
In crosswinds, unless you just put the aircraft down on the runway with no adjustment whatsoever apart from flaring (and there are conditions where that is the right thing to do), you are using a variant of the wing down method. It might be better named the "very late wing down technique". It may not be a balanced/stable slip but a slip it is: witness the crossed controls.