If you use it just as a control then it is probably a waste of time but it can do a lot more. I frequently use it in sandwich routines (E.g. Chad Nelson's Criterion, Dorian Rhodell's Joyride, Daniel Madison's Colt 45). I also use it as a cleanup, many effects leave you with something on top of the deck, e.g. a 4 for 4 switch. From time to time spectators ask to see the top card of the deck, if you do a pass this allows you to freely show the top cards.
If you do decide to use it as a control it's one of the best. If you fan or cascade the deck each time a card is returned spectators may suspect you're doing something in these actions. When a classic pass is done well it appears that nothing has happened. When done well you don't even need misdirection, your hands can be burned, while this shouldn't be encouraged it's good to know that it can be done if necessary. You can also easily control it to the top, bottom, second or third from bottom, second or third from top etc.
It also has many other applications including a false cut, colour change, revelation, vanish, transpositions (cavorting aces) and placing a reversed card in the centre (great for inversion routines). The Cherry and Cascade controls can't do a tenth of the things you could do with a a classic pass.