I also have started to use the "foldy corners". That's what I call them LOL. It's quick and easy... Ami Sims has a tutorial on her website on how to do them, but basically they are done just like Rita said.
Fold a 4" square in half diagonally (size can be a bit different, I use 4" for small and 6" for large wall hangings but any size in that range will work). Pin into place with the two raw edges lined up with the raw edges of the binding. Baste within the 1/4" seam allowance if you want to (I do it about 1/8" in)but that's optional. Now sew on the binding like usual, catching the edges of the foldy corner as you do. Finish like usual.
Easy peasy! Then any dowel type rod can be used, hung on a Command Strip or Picture Hanger hook or push pin.