Stretchy wraps are lovely for the early newborn days. You tie them nice and firm, pop baby in and out as needed, no issues, no dramas.
They become less appealing as your baby becomes bigger and heavier and you both start feeling less supported- stretchy fabric will roll and bunch more easily and you'll really feel the weight of baby on your shoulders.
Stretch wraps are often quite "warm" to wear because of the elastic properties of the fabric and the need to have three layers over baby to support them well.
You can achieve a good ergonomically correct position quite easily and because they can be pretied they're good for the school run and quick trips.
Not great for a hot climate or a "hot" baby, limited lifespan. Only safe for front carries.
If you're happy to move on to a more suitable carrier when your child outgrows the stretchy, go for it. If you want one carrier to toddlerhood, this isn't it.
This is a quick tutorial demonstrating how to carry your newborn or small baby in a stretchy wrap. In this video I am using a stretchy wrap from Toto Wraps and my 4 kg/9 pound demo doll.