I use it all the time. I machine wash and dry my quilts and have never had a problem with it. You can also tumble the quilt until it's partially dry and then hang it over a shower curtain rod or something similar and let it air dry the rest of the way.
It shrinks a tiny bit but it gives the quilt that nice puckery look. I've never had any problems with bunching or twisting even when the quilting is far apart.