The answer is you don't need one.

They are the single thing most likely to increase your accuracy. But if you already have all the accuracy you require for the kind of shooting you do then forget about it. If you use a small peep, you can learn to shoot without it, so that if you get that close-in dusky shot, you can just use it as a reference point without looking through it. That way if you have a problem, you aren't just caught like a deer in the headlights.

I used to tie a very bright flurescent green thread around my string in the peep position. That way I had a consistant point on the string, like a peep, but without the hassles. However since the intro of super strings like the Zebra, and WC, I just use regular peeps, and haven't had any problems. Don't relly on strings or hose, if you use those systems, be sure to practice some shots with the hose detached, so that you have a back-up. If you do use rubber etc... it would be great to learn how to position your peep for zero rotation anyway. Firstly because it reduces the stress on the system, I have seen those things used to bring a peep around almost a full turn, and that will eventualy break rubber. And secondly, if the hose does break, you should still be able to look through the peep.

The advantage in the field to having a hose when you have a tunned peep already is that if you are forced to replace a string, or if the string just goes out of tune unexpectedly, you don't have to tune the peep, which can be time consuming or impossible in the field.