This seems like a useful knot. I guess it could be used in place of a bowline if the size of the loop was critical. However, I found it tricky to get just right and my first two attempts failed to lock, which could be a disaster. For me, the bowline is ingrained. My mother taught me how to tie it 75 years ago and still picture the rabbit coming out of its hole going round the tree and going back down the hole.