The Palomar Knot

I'm evaluating the Palomar knot as a climbing knot.  There are reports of it being a strong knot.  It's a bight of rope that makes an overhand knot.  Once at that stage, the loop (1) sticking out is pull back on the overhand knot.  A carabiner captures the doubled rope at the (3) position.

Here are the beneficial features: a) doubled rope b) no sharp radius turns c) easy to unload d) has an unique shape and ease of inspection.

Questions: i) OK for terminal use ii) to what degree has it been used and tested in the climbing worlds iii) as a mid-line attachment, is it stable (thinking about the two strands at different angles)