I've used, and had it used against me, several times in non-pbp games.
It's tedious to use unless you're abusing accelerated time trait things, and even then it's got a limited lifespan before you have to start over again (1 day before it reverts under the 3.5 rewrite). If you're willing to sink several hours a day into maxing out all the shenanigans, then more power to you, but as a PC, or in a "real" game, that's a lot of time investment that can be easily messed with. Either you don't participate in a lot of things because you spent hours "powering up" while everyone else was dealing with things, or you have one or two tricks instead, like KSB's gish squad. More power in that case? Not particularly, since you could just mailman the hell out of everything for the same investment, or use any other number of persist shenanigans to get around it, it's just a lot more resource efficient. It's more effective in the hands of NPCs in that regard, unless the PCs are leading the attack and get to set the time table by their terms. To be honest, at the level it starts becoming "problematic", the foes the PCs can reliably expect to go against can either interrupt a super-powering session, or they aren't remotely a challenge in the first place.
In a PbP game where time really has no meaning, it's a lot more "effective", since you can take a day or more to plan everything out as situations change.
edit: Also, the rocket tag issue is why it's not particularly abused. It results in a Cold War-esque mutually-assured-destruction issue, where anyone who DOES use it is just as likely to end up screwed or extinct as well if they use it for offense instead of defense. It's why Rashemen and Thay haven't ever successfully wiped each other off the map.
If you want to see true ridiculousness, combine it with Node abuse shenanigans.