Rule of Thirds is excellent for the intended use: NDL overhead environments. It's exceedingly simple to use and apply: check your gas pressures (sidemount), round down to nearest whole 10 bar divisible by 3 (e.g. if 220 bar, drop to 210, if 200 bar drop to 180), divide by 3, subtract that from your current gas pressure and that's the turnaround pressure. Available gas is adjusted for flow, restrictions, mismatching teammates (if applicable), etc., where thirds becomes quarters, fifths, sixths, as required.
Outside of that, the Rule of Thirds is pretty much irrelevant and confusing for decompression diving where planning considerations must factor in specific bottom gases, decompression gases, contingencies and failure modes -- not to mention max dive times, skipper's requirements, etc.