First off, thanks for the article. Please continue to contribute and don't let my post discourage you.
I dove head-first into this statement when it first came on the scene. Spent many DAYS trying to tune it for a specific need and I'm pretty sure I uncovered every bug before they were listed widely on internet forums. Similar to what a few others already posted, I've been burned by this statement too many times to even consider using it. Way to easy to just use Insert/Update/Delete and move on.