I wouldn't recommend terminating the phone lines in modular jacks, or in a patch panel, like you would with data cables. Speaking in terms of phone lines, each data cable is essentially a separate "line". This means that each wire needs to be separate from all of the others. You also would like the flexibilty of being able to reconfigure the use of the lines easily. All of this adds up to using a patch panel and patch cables that can easily be switched.
Phone lines are different in the way they work. Since most houses have one, or maybe two phone lines, but wish to have access to those phone lines throughout the house, you only NEED to have one or two separate wire pairs - one wire pair for each line. These wires could travel in series, or daisy chain, starting at where they come in from the phone company and going from one jack to the next. Someone already pointed out the problem with this design - one break in either wire (+ or -), and at best every phone from that point on stops working. At worst (and more likely), they all stop working. A better solution is the "home run" where each wire pair is dedicated to a specific jack and runs from there to the "home" location where the phone line comes in from the outside.
Now you have a bunch of wires that all need to be connected to a SINGLE phone line (or two bunches of wires that need to be connected to 2 phone lines). Also, it is very unlikely that you would ever wish to reconfigure this, once you installed a jack in every room. For this situation, professionals use the 110 punch down block because it is easy to do, they are plentiful, they are cheap and they are easy to troubleshoot if one line goes bad.
Once the "home run" wires are all punched down on the left side pairs, you can run a single wire to connect every terminal on the other side together, then use the "bridge" clips I mentioned. Now every individual wire is connected to the single phone line. This is a case where a picture is worth a thousand words, but the digital camera is busted, so maybe I'll get one later (borrow my brother's camera)