I really like the MTF program line, myself: combined with the Hyperprogram feature, it really gets me close to the SS/aperture I'd want to pick, anyway, and it's easy to shift around from there, which is a boon for someone who's used to mechanical dials and rings on the lens: with which I've usually got my exposure set by the time the camera's fully to eye, and meter just to get it down to the stop or half-stop I usually want.
I commonly leave the camera in P mode whenever he goes back in the bag, or while wandering around, just to be quicker in whatever situation might next arise. While shopping, I always liked the hyperprogram/hypermanual way of being set up, but I honestly didn't think I'd use it this much. The MTF line is a favorite little feature of mine for this.
I'll agree it's maybe most useful for those who know what they're about
: and it really doesn't hurt to have really good handholding skills (I'm pretty obsessive about how things feel, and being someone who prefers lower light and portrait length lenses, I count myself quite good.
If you give me the SR and no film being wasted, I'm not alarmed at all if the shutter speed gets down around 1/20 of a second. You have to watch things like subject motion, though. (And for me, overconfidence) SR and such can't help you there.
But it's a good tool. Does sensible things. (I believe that a lot of third-party lenses will interact with this program, or at least a 'generic' profile of lenses of that focal length. ) I just got an old Sigma zoom and have noted the program line has a distinct bias toward wanting to give me f 6.7. Which does seem like a good aperture. The EXIF seems to know what this lens is, but I don't know where the MTF info comes from.
I'd take audiobomber's caution, though, and be aware of your own limits and actual results if you use this program line. Easy enough to override. Mileage may vary, of course: it 'thinks' enough like me that I like it. If you're disagreeing all the time, well, use another one.