I use it all the time. Usually a game on one side and a tv show with audio on another. Sometimes with two games side by side. I do wish I could set side by side as the default view as that's the only way I use it.
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It is great for that purpose but I rarely do it. I love it during March Madness. I had the living room TV on PiP with 2 games and the bar TV on with another game. I can watch all from couch and it's awesome.