Let's look at the situation a little more closely in a controlled environment before we dismiss mandrake as being overpowered, for what it's worth I think it's a very close call.

First let's look at some basic facts; the ability to bind requires balance so the target must be put to sleep for at least the length of the balance time on the distribution method of choice. I assume we are also referring to single combat and not covering the opportunities raised by two bandits working together. I will also make the assumption you have autowake on as this is a relatively attainable defence and is very easy activated.

So, as you state, the question becomes balancing the speed of balance against the time required to wake up. The two main poison distribution methods of bandits are stabbing and spitting, let's consider each in turn.

Stabbing, even with the speed improvements of double stab, there is ample opportunity to wake up before the bandit in question regains balance in order to complete the binding. I have tested this extensively both in and out of combat and anyone with autowake on should be impossible to bind.

Spitting is harder to quantify. As you know well, spitting distributes a single poison at a time and therefore (in theory only) a simple sip adrenalin potion should be sufficient to ensure you are never put to sleep by a bandit, much less bound. However, lets assume the bandit manages stop you sipping or you don't use triggers for adrenalin potion and simply 'miss' a sip.

As far as I can tell, the wake time on autowake is tied to many other factors. For example, if the other person is fully fit and well then simply spitting mandrake at autowake will no be enough to get a bind in. However, if they are messed up then I have found it much easier to land a bind, I have no idea why it works like this, but it does.

Bind is a completely nasty skill for some professions (not all obviously), I personally believe the balance of mandrake at the moment is very close to being over powered. However, saying that, there are certain characters that (without using one shot tricks) I find very hard to land a bind on.

Written by my hand on the 29th of Leaflost, in the year 1136.