I think the advantage of the bowline on a bite with a biner is that you are actually tied into the rope with the biner ensuring the knot can't come untied, while the figure eight on a bite is clipped to a biner which is then clipped to your harness, adding one more point of failure to the system.
I asked this question because my parents bought me a copy of the Mountaineering Handbook
, in which the author strongly advocates tying in with the Yosemite bowline (check out pages 137-139 on the Google Book link), but he does seem to be a lone voice in the wilderness on this point. I think a key point is that he recommends the bowline with
a Yosemite finish, which I think is critical. If
it really is a superior knot (which I'm not convinced of) the argument that it shouldn't be used because people aren't familiar with it seems a weak one; after all, there was a time when none of us knew what a figure eight was.
All that being said, for now I think I'll stick with my trusty figure eight in critical situations and play with the Yosemite bowline on a sailboat.