Ribbing

I cast on for my FI Cardigan today at lunch, and have finished the black rows of ribbing.  I've been contemplating some changes to the ribbing, and was wondering what everyone thought, as I have no experience with Fair Isle knitting. 

• There is the K2P2 ribbing in the checkerboard pattern, per the pattern. 
• Then there is Meg Swanson's "Purl when you can" method Bess told us about. 
• Now I'm thinking about corrugated ribbing, where you knit in one color and purl in another.  Rather than knitting the checkerboard pattern, it would look more like stripes. 

I've heard one drawback to corrugated ribbing is that it doesn't have as much stretch as regular ribbing, but I don't imagine the checkerboard would have more stretch than the corrugated.  If I did this I would continue it on the neckband and front button bands.  I'm going to swatch the different ribbings tonight and will post a picture.  Any thoughts or advice? 

Penny