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The feature is rather useful for record-keeping purposes (also known as CYA).

Though you get an html file and a folder with all the external assets, which I find to be pretty annoying. Safari did a single .webarchive file, but I don't think anyone else ever standardized on something like that.

It often wrecks the layout, but I tend to print to PDF rather than deal with saved html files.

Save-As writing bunch of resources, that when loaded back into the browser might even be broken by lack of external resources are also, in my oppinion, a bad way to keep evidence (e.g. CYA). If you need it to persuade a non-computer-savvy person of something stated on a website, I'd say a bunch of random files in a directory is also much less convincing than a "printed-to" pdf, or screenshots you can easily mail around.

Regarding the .webarchive, I think IE supports another type of "web archive", with a .mht ending.

Opera and IE support MHTML (MIME HTML), it seems to work alright

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