I too disagree (rather strongly).

As an example, consider where EQU is used to give names to bits of a field in 
memory.

FLAGS    DS    X
F_OPEN   EQU X'80'
F_CLOSE  EQU   X'40'
F_FUBAR  EQU   X'20'
...
        TM    FLAGS,F_FUBAR
         JO    TOTALLY_HOSED

Furthermore, you can assign a "length" to each bit, and use that as an offset 
in the field, e.g:

FLAGS    DS    XL4
F_OPEN   EQU   X'80',0
F_CLOSE   EQU   X'40',0
F_FUBAR  EQU   X'02',3
...
         TM    FLAGS+L'F_FUBAR,F_FUBAR

(apologies if the syntax is not precise ... I'm doing this from memory at home).

As to Charles' comment about using EQU as a branch target, I'm a little bit 
less comfortable.  If — by chance or accident — there happens to be code before 
the EQU that knocks the location off a halfword boundary, this could spell 
trouble.  E.g:

         LA     7,ITS_ON
         TM    BYTE,BIT
         BCR   X'01',7
         ...
         other instructions
HI_MOM DC    C'Hello'
ITS_ON  EQU   *

Since the constant "Hello" is 5 bytes long, this knocks the label ITS_ON onto 
an odd boundary. If the branch had been directly to the location (as opposed to 
BCR), HLASM would have flagged an error. But in this case, the error may go 
undetected until execution — at which point the hardware will slap you with a 
PIC-0006 (PIC-0006).

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