I still use it. OS/2 binaries are tiny so the smaller HPFS partition size limitation isn't an issue with me. Performance is also fine on modern hardware. I did play with a JFS partition once, but the backup software/agent I use (ARCserve) couldn't see the file system.
I still remember the day back in '94 when I downloaded the HPFS386 files from Compuserve, using Golden Compass, to install on my Warp 3 system's Compaq 386/20 60MB hard drive.