It's easy to make a nice neat edge to your work - just work the first row after cast on by knitting into the back of each stitch.
It is very suitable for pullovers and cardigans. Beanies and other hats vary according to the pattern. Some may be better just done with an ordinary rib that will stretch naturally, while for others it makes a nice neat border to knit the first row through the back of the stitch before the rib - for example it is generally fine for beanies that have a turn-up because the folded edge naturally stretches sufficiently.
It may not be so good for items that need to have an opening that should widen a bit more such as gloves that need the cuffs to expand easily while the glove is pulled onto the hand. The rib at the tops of socks also needs to have sufficient elasticity.
It makes for a nice neat turn -up!
This Scarf has the first row knitted into the back of the stitch too!