My take on it, in cruise or BnZ, it's great for the reasons you stated, Colmbo.
First, a bit on how it works. All combat trim does is reference a table that slides the trim controls to specific spots based on the speed you're at. At 150 mph, the tabs are set here, at 200 mph, they're set to here. It's very smooth, they move every mph or two, I'd guess. These values are pretty close to dead on at full throttle, under light fighter loadout. You'll notice if you're say, missing an aileron, combat trim won't be quite right, the wing with the missing aileron will drop due to decreased lift. You can still manually trim that out if desired, but because combat trim assumes a whole plane, it's slightly out of whack at that point. Another easy to see example is take off a 109K4, get it off the ground and climbing out with no autopilot on, but combat trim on, and hit WEP. The added torque (or processional whatzit, basically the force that causes the plane to want to roll due to the airflow coming off the prop) causes the plane to roll to the left with combat trim on. It's not that the trims are at their maximum deflection, it's just that combat trim doesn't take that force into account, probably by design so it's not too perfect under all circumstances.
What I discovered, at least in my hands, is when I get into a lower speed fight, if I'm riding the stall, the inputs are changing as my speed changes due to combat trim, even though the stick is stationary. A good illustration of what I'm talking about is, get up some speed in your favorite plane with combat trim on, and pull straight vertical, try to get it down to 0 IAS before the nose drops. Then try it with combat trim off.
In my experience, it's nearly impossible to do with combat trim on, trivial with combat trim off. That same logic applies to stall fighting. You can turn more smoothly at low speeds because your controls aren't getting those little adjustments as your speed changes. Made a lot of planes I had trouble turning well with much much better under 150IAS.
I personally take off with combat trim on, I find some planes, in particular most of the 109s try to drag the left wing when you roll under WEP with it off.
Wiley.