I've seen this used on a number of pieces and the results really are spectacular.
Like many applied 'accessories' I suspect that the technique is not too easy to master.
The problem I have is that (and please note this is purely personal) I see the hobby as being a painting process and firmly believe that everything
used, both subject and groundwork should be altered / enhanced by the use of paint, stains and pigments.
This of course is me looking at it from a figure painters perspective. For example I just can't understand why anyone would want to use eye decals, which I imagine are pretty difficult to apply, when with a little practice and the right brush anyone can paint an eye.
So where woodgrain is required for me the challenge and fun is trying to get it as best I can with paint.