I doubt that anyone is using it for much. It does tend to produce ugly output.
I do not know if any of it's eccentricities have been documented. There was some discussion about it some time back. You could try searching the archives to find it. I do not know if there is anything about it on Alex' FAQ about the TXTRenderer.
You could try changing the CPI or width settings in the TXTRenderer to get the width you desire. If you have fancy documents and want pretty output in plain text, I can tell you with some confidence that you will be disappointed. On the other hand, if you tried rendering to a PDF and printing to a plain text printer driver in Acrobat, I do not know that it would look much better.