I use it frequently, in certain circumstances. I have used it for dash gauge faces, and on rims where you want the otter lip chrome, but perhaps the inner rim silver (Think torque thrust) or where I may have a one piece wheel tire where you spray the entire thing black, then mask off the tire, and spray the rim color.
I will say tho, it has it's limits. It is thick, and due to its surface tension, is somewhat hard to work into tight areas. I mostly recently used it to paint in and around the raised letters on old good year tires, so I could paint the raised letters, then peek away the mask. The This was difficult, but not impossible, to work into all the areas, using a brush, toothpick, and straight pin. In the end tho, I was not satisfied with the paint not sticking, but that was not the masks fault, but when I pulled off the mask it also puled the lettering off. This is where the water based paint is not recommended, as it "connects" with the mask.
Like most every tool I have, one tool does not fit all folks needs/tastes, not does it work for every job. You just have to experiment.