Its best use is where you want a knot pulling around 90deg to the line (ie a holding a fallen climber tied into the middle of a rope between two others). In that scenario it has significant advantages over just about every other knot.
However, when the load is pulled parallel to the rope, then the AB's loop performs similarly to other some other knots. This would be the general aircraft tiedown scenario so it's horses for courses whether you use it or not.
My personal favourite though (not for aircraft) is a double headed figure of 8 on a bite - which I did use a lot back from my SRT caving days.
And you bowline aficionados, can you tie one completely one handed?
