Most often used in standard DRT friction hitch climbing, though it could used for SRT too. You can use it anytime you have enough tail in the rope to double it and put it around a limb.
-moss

Jeff,

I've been working with exactly the same knot as you. I progressed to it after watching videos on people tying a one handed bowline as a rescue knot. The concept of rescue and time to work with an end of a rope just doesn't sound reasonable. The climbing scenarios call for knot systems created with bights of rope. There's simplicity with making this knot illustrated at the beginning of this thread..

I've been trying to create a pattern of bights that can grab a climber: waist, legs and perhaps chest. I sense that there's a system out there, and it's needed.