I use it basically every day, and it's use is recommended by many major manufacturers (Rolex, Swatch group, etc). I typically treat the pallet stones as you noted (not the whole pallet, just the stones), the escape wheel, the reversing wheels, and sometimes some other selected parts but those three are the most common.
After treating the pallet stones and escape wheel, I let the watch run for 10 minutes before applying lubrication to the pallet stones. This wears away an area of the epliame on the stones and the teeth of the escape wheel, creating sort of a channel where the lubrication will stay put on the stones. If you take apart a watch that has been treated this way, properly lubricated, and run for some time, you will see a stripe of lubrication down the middle of each pallet stone.
Hope this helps.
Cheers, Al