Use it every day! That stuff is all over our aircraft. We use it for chafing protection on things, fill around wires so clamps will hold tighter, seal up connectors to help prevent water intrusion, etc. The stuff is great, and if you ever need to remove it it is very easy to remove (with careful use of a knife) and it leaves no mess behind, and wont stick to anything else. I use it instead of electrical tape at home now too (though that's not allowed on the planes).
Clark