It's a matter of convenience for me, substituting both (partially) OpenVPN and 'ssh -D'. I use 7 browsers (incl. 4 Firefox profiles) and a number of terminal tools that I often want to be seen coming from a specific server IP address from my /24 block - saves time configuring all of them individually to use SOCKS proxy or setting up OpenVPN on individual servers.
Agreed, the thing i like the most is that it transparently forwards the traffic configuring iptables, no more SOCKS proxy configuration to update every time and no dns issues.
It also has a -x option that let you exclude local subnets from the forwarding, e.g. -x 192.168.0.0/24,
What are the commands you use? I personally think 'ssh -D 8081 host1', 'ssh -D 8082 host2', 'ssh -D 8083 host3' and configuring each browser for each port might be simpler, but maybe it's the learning curve of a new command throwing me off.