From top in MMA I think this is great position for G&P. I like it for BJJ too I feel less likely to be swept than I do from the mount.
From the bottom, I really look at it as only a transition point to a better place (whatever full guard it leads to…or a sweep). From my experience though it is not a good place to go voluntarily or to stay in. This said I will go there or even to side on bottom with low belts/my students to let them work their offense (and me my defense). I would much prefer a better guard with more control of myself and my opponents weight.