I was messing around with this stuff and made some tarp guy lines out of it over the weekend. It's Dacron, and has a slightly waxy feel to it. Since it's hollow core, it lends itself to splicing very easily, and is easy to handle, no tangles. Since it's rated for water usage, I am guessing it will hold up pretty well. At $10 for 150', if nothing else it's good to play with. I just stumbled upon it the other day while wandering around Basspro here in ATL. It's bright orange, about the same shade as the Yale cordage that Ed Speer sells. About the only complaint I have so far is that prussic knots tend to slide more than I'd like due to the outside covering. I'll probably have to go to a 4-wrap prussic.
I'm curious to see if anyone else has used it or something like it.