I have never used it before, but I'm starting to see a few times when it could be useful.
One such time is in the beginning of a bab war game, a time when I send my scout to the opponents base to harass his villies, but I can't focus all my attention on his base because by the time the scout reaches his base, I have to place a rax and monitor my own base.
So now, in the very beginning of the game, I give orders like this:
1. Send 9 vills to wood, and 1 to tin.
2. Select CC and cycle cits.
3. Make sure all the cits are gathering and there aren't more than 3 per tree.
4. Select Scout, set him to a control group (I use 2 because I always use 1 for my army), then set him as PIP window 1 (F1) as I send him to my opponents base.
This way, I can monitor my scout and make sure he doesnt die without having to move my screen and still have a good view of my base.
I have tried to send raids using the PIP, but with much less success, as more precise micro is required in that situation than simply harassing villies with a scout.