I am of two minds on this issue. The traditionalist in me leans towards the wound stripe, for all the reasons stated by others. But, when the individual reverts to civilian status, what emblem is worn to recognize that person's sacrifice? Nothing as far as I know.
If the individual is killed or dies of wounds, the sacrifice is recognized by the Memorial Cross.
Wound stripes have no intrinsic value. They go for peanuts on ebay. Why? Because they have no connection to an individual. The new medal will have that persoanl connection, and be a valued family possession long after the recipient has passed on. And if it leaves the family, there are collectors who will recoignize its meaning and thus value it.
Just my two cents.