[moot]

I can't think of a single time I've ever applied it.

If the pot's worth it and you think you can beat the bettor and you also think that others behind you might fold a better hand than you for 2 bets.

Problem is, most bad players who have gone that far with their hand are bad enough that they are gonna call two more big bets on the end. So yes, you need some very strong reads and the pot has to be worth the risk (though the bigger the pot, the more likely your oppoents are going to call two bets).

Sometimes, if there's a straight on the board and one of your opponent bets, it might be worth a raise if you have a donk behind you who won't notice the straight (so you're only splitting with one person). Though if someone can make a higher straight with a hole card... you're really gonna be hurting.

But if the board is AKQJT and there's no flush, you should definitely raise and hope someone is dumb.