My mare's previous owner rode her with that because she has a serious problem with bits (I have no idea why, she just throws a fit if one comes near her let alone actually be in her mouth). I was given it when I bought her, but I stopped using it because it was all stretched out and slid all over. I bought a sidepull attachment for my bridle instead that was essentially the noseband of a rope halter, but wider and a curb chain. It doesn't slip around like the rope halter did.
If you use one, get one with rings on the side to attach reins.