It seems to be good enough for the majority. Probably beats ply on price/availability. You might want to get a stapler of some type. Depends if you have compressor but there are plenty of manual types.
I don't think its a problem other than time/cost of materials. Sometimes 3mm hardboard is tricky to countersink accurately. You'll want to be using a countersinking bit, if you have one with a depth stop it speeds the job up a lot.
It seems to be good enough for the majority. Probably beats ply on price/availability. You might want to get a stapler of some type. Depends if you have compressor but there are plenty of manual types.