I love this parade and watch it as often as I can. I've used the FP twice before and I will again next weekend. It doesn't really save time compared to watching in Frontierland, because it takes so much longer for it to reach you, but it does allow you to arrive later, so I like to use it when I'm park hopping, so that I get to stay a bit longer at another park.
Another benefit when I've used it before is that it's not nearly as crowded there! If you watch elsewhere, you just have to arrive a bit early to get a front row seat, but you will inevitably end up with other people very close behind and beside you. When I watched with FP, there was a lot more space to move around. I could move back quite a ways for photos of the big floats, and then go right back to my spot where I actually still had personal space. This is an especially big deal for me, though, because I'm usually solo - I would think that maybe a whole family can at least keep a little bit of elbow room between each other, whereas I always end up crowded from all sides when I'm alone.