I use BIAB all the time and have used it for many years. Whenever I write a song, I'll start with BIAB just to have some type of band groove. I use BIAB to experiment with chords (and yes, you can programmed some very complex chords), tempo, arrangment, etc.
Once, I have the format of the song finalized, I copy the song into Sonar - I then start to replace each of the instruments with live performances (although I some times I may keep a BIAB piano part or bass line).
Several years ago, we recorded a song using BIAB and then added live guitars and vocals. We sent it to our publisher and he placed the song in a few movies and a prime time network TV show. We still get residual checks from BMI every year - so obviously the BIAB groove in that style for that song held up under very close professional scrutiny.