We haven't used it on rockets but it's replaced white glue around here for indoor kinds of stuff. That happened some years back when my kids were always frustrated trying to get white glue out of bottles and when they did often wound up with wrinkly paper projects or craft projects where they had trouble getting two pieces to stay put. One day I put Tacky glue into milk jug lids and handed them paintbrushes and they never asked for school glue again. I like it because it's thick enough that it stays put and dries quickly. It tends to dry up in the bottle over time so anymore I don't puncture the hole but unscrew the top and pour it into an alternative container: in a lid or smaller or smaller squeeze bottle (glitter size) or onto a paper plate.
I can attest to the fact that it forms a strong bond. Swords constructed out of large craft sticks and Tacky Glue are far more likely to be confiscated than to be broken.
That's what I know--again, all non-rocket applications.
It's the only white glue I've ever used for LPR construction... It does indeed dry quickly. I also like it because it is very thick & stays right where I put it. You can find it at Michael's, Jo Ann Fabrics, Wal-Mart--pretty much anywhere for ~$1 for a nice sized bottle. IMHO, it's an unheralded adhesive in our hobby...
Not to mention, if it's good enough for G. Harry, it's good enough for all of us!