I use lots of both and can’t tell a difference as far as sound quality. Spades are more versatile - they work almost everywhere and you can stack them when bi-wiring etc. BUT it’s extremely obnoxious when your spade doesn’t slide in all the way because of the post being too big - this is very common. Binding posts and spades are all over the place in sizing and it annoys me to no end when I have to just "pinch" then ends of a spade to get a connection at all. Phono stage lugs are the WORST - I rarely get a clean spade fit. If nowhere else we could use a standard sizing HERE.
When it works out I prefer a good banana (e.g. AQ 1000 series) for the ease of use. There are some weird wide binding post spacing configurations (circa 2000s Tannoys) that make most banana cables unusable despite the binding posts physically accepting them.

