Yeah, black spine (revised) or original PHB and DMG doesn't matter much. The black spined version has errata and a different layout (I heard they recently acquired desktop publishing software for that version, whereas the first version was done with the old scissors & tape layout method), but I would definitely go with the Monstrous Manual over the binders.
Now, I thought the binders were the shizzle when they first came out (I even voted for them in the 2nd ed. survey WAAAAY back in Dragon issue 124 or some such), but with use, the pages would pull out, and finding the supplements now are probably a frickin' nightmare.
Sadly, that means some of the supplements are probably lost to the ages, so IF you can find the Spelljammer Monstrous Compendium supplement, buy it, but make your main source the Monstrous Manual. Of course, one of the only monsters I remember from the supplement is the Giant Miniature Space Hamster, so your mileage may vary.
You have to ask yourself, can you live without the FIRE-BREATHING Giant Miniature Space Hamster?