I patch! Out on the road I switch tubes, because it's faster. But once I'm home I patch, and that's my new spare. I do 3 patches before calling it a day. I also don't patch if a new patch ends up overlapping an old patch, that's too bulky for me. I've never had patches fail. But I like the old-fashioned glue+vulcanized rubber ones.
I learned a handy trick recently to keep track of where the hole is, btw. Once it's located draw a BIG cross over it with a felt-tip pen, instead of a little circle or something. When you sand the tube down a little and especially once the glue is on you can't see details around the hole, but you can still follow the lines you drew and estimate.
Winter riding is much less about badassery and much more about bundle-uppery. - malkin
1995 Kona Cinder Cone commuterFrankenbike/Selle Italia SLR Lady Gel Flow
2008 white Nakamura Summit Custom mtb/Terry Falcon X
2000 Schwinn Fastback Comp road bike/Specialized Jett