I've used this close-up and stage.
It works well. Sometimes you need to be careful on how you use it as not to be too obvious. Beware not to look like a hunchback with this gimmick! Also, having the hank pull for too long on your back will bring back pain. (Keep it in your breast pocket or elsewhere and not in your back while you are seated.)

I am currently changing up my routine to use a sleight of hand method instead so as not to have to use this in my show.

I always keep a red 24 inch silk in my outer breast pocket which I vanish on occasions after a show using this tool.

I've had lots of fun with my first one (which broke at and unconvenient moment)

The gimmick is inexpensive for the versatility of its uses but it can break (but you can repair it easily).