Grand Master's Chest Wraps heal 100 hps per cast of invigorate.
Bind Wounds for monks, at 201+ level is 80 hps per bandage. Doesn't matter what your First Aid AA is at, or how much higher your skill is over 201.
At maximum skill, Bind Wounds is faster than GMCW.
Bind Wounds can be done while sitting, with healing AA going, and with sneak on.
Bind Wounds can be used on other players.
Class 1 Mana batteries, collapsable toolkit, and a gauze press take up 3 inventory slots.
Mana batteries are expended each time you recharge the press, and a stack of batteries costs quite a bit.
GMCW take up only 1 inventory slot, usually worn on chest.
GMCW are one of the better monk chest peices.
GMCW do not require any additional funding to operate.
GMCW break sneak every time.
GMCW break healing AA.
GMCW require you to stand.
Me, I use both. Lots of places you can't afford to break a sneak; or you need to get back to full health asap. If for some reason I forgot to stock up on batteries or banked my press, I'm wearing my GMCW and have healing immediately available.