I've never used it in knifemaking, but I have used it in other areas.
There is a layer of wax-paper like material the glue sticks to, so you can peel off a length and put it on the part; at this stage, you can trim off any large excess with scissors. You then pull off the wax-paper layer to leave behind just the glue. At this stage, the small bits that hang over the edges, such as corners in a complex inley, can be removed by hand.
I think I'm going to try it for knives.
Tait