I've been using it a lot lately and it works like a charm. I use it after KND at close range, if they block it you are at +10, which creates a very effective mix-up situation. You are basically given a free throw attempt (due to frame advantage, your throws are i7) and if they try to duck it, you can mix it up with 3B for a free launcher.
You can even try to go for B4 again if you are fancy and want to mindfuck your opponent, for GB pressure.
Its actually sad that i haven't used it earlier pre 1.02 where it broke in 6 hits.
Shy away from using it against players who really have their JG down though...
By the way what do you guys think about the nerf (Heaton? Pyro?)? I think letting it break after 10 hits is a little bit harsh and unnecessary, considering its still slow and weak to step or JG. Especially when you compare it to his (B) which breaks in 11.
I'm not a particularly huge fan of this move. I've JGed this pretty consistently against other sieg's, even with the timing variation. My friends just stepped it, back in the first couple of weeks even after KND so I stopped using it. And the guard damage isn't worth it. If you have time to do this move, I would rather do a manual transition to chief hold and SCH B.
+10 is not an awesome number to be at for the following reasons. Unless they're batshit crazy, no one will duck against Sieg after this move. His mids are just too strong, so you're left with a throw 50/50. On average that will net you 23.75 damage, with throw breaks factored in. I guess that's decent, or you can do 1K and be at -2 and use all your set-up tools off that such as WR (A)/AA, WR B, step if you feel a vertical coming and 66A if you feel a 2A coming.
+2 on the other hand is a much better number to be at, people make mistakes at +2, they get greedy. Here you can really start to force your opponent into shit situations. 66K crushes all attack options afterward but trades with 2A, which is a trade in your favour really and nets you either +6 on NH or a nice KD (nothing guaranteed, but you're in Sieg's optimal wake-up territory and 3B will catch them if they do not sidetech immediately, which if they're caught by surprise and CH would be a little difficult). 3B can catch backstep here (distance dependent), and agA will mangle side step. 3A is not a bad option here either and is lightly punishable. If your opponent consistently starts 2Aing to take the trade, you'll get yourself a nifty SBH aGI for ridiculous damage. I am all about ridiculous sources of damage.
The other benefit of SCH B is that it breaks in 8 rather than 10 so you've got better guard damage.
If your opponent starts waiting around at your advantage after you've cowed them into submission with your ridiculous yomi, you can harass them by spamming stuff like SCH B, agA, more roulette into SCH B. Use sieg's advantage to break their fighting spirit and profit. And then you can start doing fancy stuff like... throw.
So yea, I prefer SCH B against opponents with brains.
Edit: If you randomly hit with SCH B due to your opponent's fuck-up you also have much better combo/ tech trap options than out of B4