I do find it useful for ballparking hyperfocal distance, focus re-compsing, pre-focus etc. For me it kinda replaces the AF-L and AE-L functions. Bear in mind that I shoot Canon, and therefore don't have focal point linked metering.
For action shots it can help a bit, particularly with pre-focus. Likewise with ND filters, after I release the AF-ON button my focus is locked, so I don't then need to worry about switching the lens from AF to MF and back again.
It may be something I'll have to look at with my new camera, as I think now I can add EC in manual mode and that might be ultimatley more useful especially as I'm relying on the AF and tracking more for action shots.
I don't think it's a case of BBF makes it easier to get more action shots in focus, more just a case of if you like that seperation of focus and metering and if works for the way you shoot. Ultimatley it's just down to personal preference and it's something that has worked well for me in the past though it does take time to get used to.