Speakons are the way to go if your amp & speaker cab. have the required female Speakon jacks. They are the first connector specifically designed for high current speaker connections. They also add the short protection previously mentioned. You have to physically break 'em to accidentally disconnect them. I love Speakons so much (I have 'em on my Eden Bass amp rig) that I'm having a custom made guitar head/speaker cab set supplied with Speakons (in addition to 1/4 jacks for use in a pinch) as well.
Bananas are NOT the same as 1/4 phone plugs...they are not compatible. Bananas have more contact area and can handle more current than a phone jack which was originally designed for small-signal switchboard use, not high current music signals.
Bananas are compatible with standard 3-way binding posts common today on all hi-fi speakers. That is to say, the jacks will accomodate banana plugs, lugs (spades) or bare wire. Of all three, lugs offer the tightest connection and the most surface area.
It is most certainly worth rewiring an internal speaker enclosure's wiring with premium materials. BKBASS Barry is in love with Canare wire (he makes his own cables from it), but stuff like MIT, Monster, AudioQuest, Cardus, StraightWire, etc, are all excellent and are available via the WWW. For pre-assembled cables, Monster is hard to beat...they offer a no-questions-asked replacement on the spot for all their premium cables...most music stores carry their stuff so replacement on the road is relatively pain-free.
Cheers,
Kevin