In the March-April 2008 BYO there is an article comparing the two methods and it mentioned a sort of hybrid technique where the wort is drained but not completely, so that the grain bed remains covered and then additional water added prior to draining again. This process is repeated as often as needed until the correct boil volume is obtained. I may give this a try as I no longer have a set up that allows me to both add water and drain simultaneously.
I don't find oxidation to be an issue with batch sparging, either.
However, I have used the hybrid sparge technique they describe, many times. I use it for beers like pale lagers, in an attempt to minimize tannin extraction. It might be helpful for brewers with slightly alkaline water by increasing the buffering power during the sparge.
I only use a single sparge. I drain the first runnings to just above the top of the grain bed, add all the sparge water, stir well, vorlauf, and drain completely. It's an interesting variation on batch sparging, but I can't say there's much, if any, real benefit on my system, but it doesn't hurt much to give it a try. I assumed it would hurt efficiency severely, but, for a 1.050 beer, my efficiency drops from ~87% to ~84%, when I use the technique.