Casey and jk,
Are these two methods used for growing plants outdoors or indoors? For me I grow my plants indoors under grow lights. So what I do is I let the water in the tray dry out for a day before filling up the trays with water again. It takes about 4-5 days for the water to dry out.
I realised my plants are happy with this because when the trays are always filled with water and the pots are soaking in them, algae or slime may grow on the surface of the media making it unsightly. An occasional dry out session seems to help prevent this. But of course the media is still damp when the water in the tray dries out. I do not let my Sundews and Utric pots dry out totally.
But if the trays are placed outside, I guess you cannot use my method as rain water will fill up your trays again. And with my method you need to use clean filtered water or there will be mineral build up in the tray.
I might try out your method Casey.