I've thought about this a lot since it was announced. I think the first thing I'm going to try is use it on all my main busses (drum bus, rhyth guit bus, bass bus, lead guit bus, premaster bus, etc). I figure that would be a little more like how things would be sent out to tape from a board during live sessions. Putting it on every track seems like it would be far more tape effect than you would get in a real world setting.
Oh and I was a little disappointed it was locked to X3 exclusively. I wanted to try it out on the Beepster Creep in X2 but it yelled at me "NO TAPE SIM FOR YOU!" Loading the project into X3 was causing problems so I just left it alone.