I had a glue-up that was going to take some significant time (not
to mention a few somewhat loose mortise and tenons) and some
left-over PL Premium in a caulking tube, so I decided to test it out
by gluing some maple blocks together (and one with a 1/8" gap)

The one with the gap had laughable strength, but the wood came
apart before the joint did with the no-gap test...not much point
in anything stronger than that.

Has anyone else dumped other glues for this stuff? it's dirt cheap,
waterproof, gap-filling, wood-colored, sandable, gives you something
like 30 minutes of reposition time, seems to hold some stain once
sanded, and seems to be rated for "structural" load... at least one
of my yellow glues specifically say that it's not (if you ever get
yellow PVA wet, it turns to jelly, so maybe that's the showstopper
for load-rating an adhesive... not very safe for holding up a house :-)