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 :-)