I have a refractometer that I originally got as a hydrometer replacement, but quickly realized that it doesn't work all that well for that purpose, since the ethanol correction formulas and spreadsheets are fairly useless. Someone just recently developed a set of formulas that are supposedly more accurate, but I haven't played with them yet. The link for the new formulas is
http://seanterrill.com/2011/04/07/refractometer-fg-results/
A couple of things to note:
Refractometers with a SG scale still need to be corrected by the wort correction factor. Also, Gordon Strong reports that some of them are incorrectly scaled (i.e. the scale is SG=4 Brix, which isn't quite correct).
Refractometers are very useful when quick measurements of hot liquids are required, such as figuring out when the SG of the second or third runnings are starting to run too low, or for a pre-boil gravity reading to verify that starch conversion occurred properly.
Salt water refractometers are useless for brewing. You need a sugar hydro.
Immersing the refractometer into hot liquids can screw up the ATC. Take a sample and drip it onto the refractometer slide, then close it to take the reading.
Make sure that your sample doesn't have any air bubbles or protein/hop particles in it. That can skew the reading quite a bit.
Stir the liquid you are testing to make sure it is well-mixed. Since the sample size is so small, sampling bias is a much bigger problem than with a hydrometer.
Repeat each measurement twice to make sure you get a consistent reading.