I hated it when I first saw it, thought it looked very cheap. I still hate it on top boots, unless you've got a lower leg like Edward Gal, that shiny/blingy boot is going to draw attention to any movement of your leg.
What about on bridles?
I have found a bridle that I really love, with a split row browband, and patent noseband. I have surprised myself by liking it and am now trying to justify buying it I think if it were on a horse that was unsteady in the contact, it would be a bad move, but my guy sits up there quite nicely in a competion environment - training at home would be a different matter!!