I've found that it can be awkward to use against bosses that only have a limited window of vulnerability, such as Kraid or Crocomire, at least if you're lacking the skill to compensate for it, like me.
I mean, I thought I was skilled at the game, but I kept missing Kraid's mouth and hitting that damn hand he puts in front of it, and that was with missiles! Then - admittedly I tried the power bomb thing with Crocomire to see if it made it significantly more challenging, but I really did have difficulty with it! It's getting into a rhythm as much as anything, but he gained a lot of ground on me. It seems like, if he gets you past the door, he becomes more aggressive and harder to push back. Unless, again, that was just my incompetence!