It is also listed as 'self-fusing tape'. I have used it to weatherproof electrical and communications connection.

It also seals best when applied to a regular cross-section, like the circular cross-section of an electrical cable or around a pipe. It is largely immune to UV exposure and most common solvents once fused.

It doesn't stick to anything but itself. This is an advantage if you have to rework the connection later on. You slit the mass and it pulls away cleanly making repairs or rework quick and easy. Solvent based coating, like Liquid Tape or Scotch-Coat, can be difficult, verging on impossible, to remove. Making it more efficient to just cut out the section of cable. Assuming you have slack to spare. Most tapes leave behinds adhesive residue that can be quite a mess.

The key to using it is to wrap it tight, stretching it tightly as you wrap. Once wrapped applying pressure helps fuse the layers into a solid mass. In extreme cold the tape fuses faster and better if the tape is kept warm and/or the wrapped mass is warmed. Connection wrapped in the rain, or wet with sweat, don't fuse well. Keep the process dry.