It works quite well as an alternative to conduit, as long as you don't need to be proof against water or dust.
In this photo I've used it to make a grey cable orange. Just push it over the cable and it expands to the right diameter:
In this photo I've used it to collect a number of cables:
It is quite tough stuff, I think it will stand up to a fair bit of abrasion. It is easy to insert things into, it expands to let you insert the wires, then contracts to fit snugly around them.
You may notice that the end is quite frayed. The ends need to be secured to make sure they don't unravel. They fit into glands quite neatly which works really well, or otherwise I've been using a small cable tie on the end to keep it under control.
There is a youtube video here that shows you how the stuff works, and how to cut it with a hot knife to stop fraying: https://www.youtube.com/watch?v=-GGuWD_8LwE
And here is another photo of the finished job! (well, one of them):
