I've only done a small test piece in some left over yarn I'd laying around so far- its one of those things that are much easier to understand by actually doing, rather than trying to puzzle it out just reading the instructions. It seems much slower going to start with than a lot of other techniques which, if it doesn't improve could prove irritating, however I've heard that you can speed it up by learning to knit backwards (removes all the turns required for the short rows).
I haven't picked out an actual project I want to use the technique for yet, but I'll probably go for something with a similar colour change as noro- although will probably go for something a little softer- Kureyon is a little too rough for something that goes around the neck. I do have 4 balls of red/black karaoke waiting for the right project so might try that out?
I never got round to trying broomstick lace, but I have worked with one of those huge dildo type hooks before (20mm)- that was fun considering the next project I worked on used a 1.25mm hook.