I like it a lot and it has many useful features. For shorter ranges, it can be used as a rangefinder through subtension. Not much use after 600yds.
Excellent to aid in holdovers, windage adjustments, and size estimations.
For the most part, I use a laser rangefinder and adjust my elevation using the turrent. That is a much more precise way and the only reliable way at long ranges. I want to bullet to hit the kill zone, not somewhere on my target.
I really enjoy using it but it is not a substitute for a range finder and accurate drop tables.
Mil-dots give the shooter constant aiming points in his field of view so he can use hold-overs consistently - if he knows the relationship between his trajectory and the dots. You can vary the apparent location of these points by varying the magnification. Mil-dots are also capable of determining range, if the user knows how to operate the system. Industry folk estimate that less than 5% of sportsmen who buy mildots will ever learn to use them for ranging.
Like Dave, I wonder about the need for illumination - sort of temptation to push legal hunting time.
I believe that Mil-dots and illuminated reticles are pretty much advertising gimmicks as far as most hunters are concerned - they are tactical tools.