It's sorta like winterized BHO. The buzz is there, flavor is gone.
I had a large batch of outdoor that was great, well ripened smoke but very harsh. I water cured it and it made the best blunts. We took a couple ounces of the dry water cured nug and we did a QWISO extraction on that. The resulting shatter taffy was amazingly smooth.
I suppose if the flavor isn't nice and you just want the buzz this can be a way to go.
Nowdays we just do a cold butane extraction followed by a winterization with ethanol.