Having just discovered this thread, I'll vote for 2-2, at least in regional tourneys. I've always liked the Ogden approach with two on Friday and two on Saturday. As a coach, the budget is always an issue. And airfares on Saturday are generally much lower than Sunday.
Practical issues aside, though, 1-2-1 is the most fun, as it allows more time for socializing among teams. At least among those who care to be social.