I am not an expert by any means but I do have a bit of experience quilting. I do not use a Binding foot as I have a binding technique that I prefer that does not call for that foot. I have used it in the past and they are nice, I simply perfer my binding technique.

A open toe quilting foot is not the same as a free motion foot. The Open Toe quilting foot with the spring action allows you to see your sewing area without a plate covering any of the fabric, this makes it easier to follow a pattern that has been transfered to the fabric or to just generally see where you are quilting.

There is a Open Toe foot that does not have a spring action that is used for is used for satin and decorative stitches (at least on my machine).

On my machine, the difference between the Open Toe Quilting foot and a Free Motion foot (that also has a spring action to it) is that the free motion has a plate that keeps the fabric a bit more under control. In my opinion, both work fine for machine quilting.

The 1/4 inch foot is a wonderful foot for piecing and seaming your quilt blocks. I use the 1/4 inch foot at times, but I am fortunate to have a gauged needle plate that I would be lost without.

I like having the different feet for my machine - love the ruffler and zipper foot btw, and a walking foot is really nice. I don't know who figured out all the different feet, but I am sure glad they did!