yes i have used it to control mid air and flick the ball - you can also use r3 if the ball is mid air to flick over the defender. Really good when it comes off - just dont know about the ground control it gives.R3 is handy enough tool to use.
Either to flick a ball behind you or to pass the defender flicking the ball diagonally.
You can also use it on a high ball into penalty box instead of instant header, without any direction. Player will take a ball on his chest so you can have a nice volley when ball is dropping.