I use one on 5x3 posts for sawn post and rail, with F bar as mentioned. Works OK as you can chop the rail off straight down the middle of the post with the depth guage set just right on a battery circular saw, so spacing not 100% critical.
I can't see it working well for longer square posts, especially with rails in the mortices as you come down. Hit a stone and it throws you off, it'll be enough to pinch a rail tight and force the post pissed. Quicker to auger in my book.
That said, I do know a few boys who make a nice job hammering in rustic chestnut cleft fencing with them. Key word here is rustic- dead plumb and level are not critical. I've never dared, as the top mortice on cleft chestnut posts is only a couple of inches off the top of the post and we all know how well chestnut splits! Surprised it works to be honest, auger for me every time.