I asked the instructor today at the Glock Armorer's course about ATF. He stated that he wouldn't use it on his own guns but that he was unaware of any official information from Glock on the use of ATF on their firearms.
Ballistol has an overpowering smell of aniseed but seems to work well.
It seems to do a decent job of lubrication, but it's not as good a cleaner as Breakfree CLP, and, based on the informal corrosion testing I've seen, it's not as good a corrosion protectant either.
I've been using it for a few months--got some just to try it out. I've used it for removing cosmoline and for some lubrication tasks. Other than the caveats above, it's a decent product if you don't mind the smell.