It's hideous stuff. I was in Tenn. during their "200 mile long yard sale" one August, which spanned across the state. I stopped at someone's booth that had otherwise beautiful quilts, but they had used that ugly tape to bind every single one! It just ruined the quilts.
I would make some nice binding for the quilt and send the binding tape back to the lady who gave it to you. Just tell her you couldn't bear to use it!
Ask yourself this: Have you ever seen it on a quilt in a quilt show? Me neither.