It is more expensive than black iron pipe. It is easier and faster to install than black iron pipe. The corrugations in the sides are theoretically more restrictive to gas flow than black iron, so sometimes you end up running bigger piping for the same amount of gas demand. It is more susceptible to damage than black iron. It won't rust out, unlike black iron.
None of which answers your question, I know.
Bottom line, it is used quite often with success, and for an inline repair such as it seems you are describing, I would probably use it to prevent having to disassemble the whole system and possibly cut open walls to do so.
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