We use it occasionally, mostly for oddly shaped parts that will not run through the big production machines. It serves that roll fairly well, but as mentioned, you are going to need some kind of solvent for cleaning the edges.
As tsmi243 said, routing is quite a mess. It can be done, but be aware of this.
Those hand trimmers that cut both sides at once are a very good idea too, it minimizes "movement" of the edging, but they don't deal with curves very well. It will grip tighter over time, but when first applied, the edging can/will pull toward the cutter if you cut from one side, especially if you cut straight forward, like pushing a chisel. If you cut both at once, this is eliminated.
Another way that seems to work well is to cut it with a "window scraper" type razor blade holder, but this is the method where you can't just push forward, it will pull the edging. However, if you skew the blade into the cut at about a 45 degree angle and take short strokes across the edge, it will curl across the surface and not pull the edging up into the cut. This pulling is mostly a problem after you have already cut one side, it can expose the core.