There's a comment in another question that says the following:
"When it comes to database queries, always try and use prepared parameterised queries. The mysqli and PDO libraries support this. This is infinitely safer than using escaping functions such as mysql_real_escape_string."
So, what i want to ask is: Why are prepared parameterized queries more secure?
An important point that I think people here are missing is that with a database that supports parameterized queries, there is no 'escaping' to worry about. The database engine doesn't combine the bound variables into the SQL statement and then parse the whole thing; The bound variables are kept separate and never parsed as a generic SQL statement.
That's where the security and speed comes from. The database engine knows the placeholder contains data only, so it is never parsed as a full SQL statement. The speedup comes when you prepare a statement once and then execute it many times; the canonical example being inserting multiple records into the same table. In this case, the database engine needs to parse, optimize, etc. only once.
Now, one gotcha is with database abstraction libraries. They sometimes fake it by just inserting the bound variables into the SQL statement with the proper escaping. Still, that is better than doing it yourself.