We used it on our tree when I was a kid. I remember my mom wouldn't let us kids put it on..she or dad did it. We also put icicles on first. Can you imagine a tree with all that and angel hair...and a cat which climbed to the top? My dad was so mad, poor cat.
I wonder if the fibers are safe. You are supposed to use a respirator mask when you work with fiberglass insulation and this stuff surely is similar. Maybe that is why it isn't around much.