I have used it in the past and have seen others use it as well. I did heat treat, just by bringing up to temp and then air cooling. Seems to work just fine, have several knives that have been used extensively with no problems. You do want to make sure the lock tab is long enough to form a nice gradual bend though.
I've played with titatnium a little bit as well, and while its a little bit harder to cut, I haven't found it to be that much worse than the stainless was to work with. I'll probably stick with it in the future just to avoid the hassle of heat treating and the necessary clean up afterwards.