In a quick read through of the wiki page i gathered that the porosity that makes it such a great retainer of nutrient would also make it a great retainer of water.

and yes it is a soil.

I'm figuring that it might be good amendment in a dry area with sandy quick draining soil to hold moisture for the root system when the rest of the sandy soil dries out. Might be too good at holding moisture to plant in exclusively.

give it a shot for us