Primarily used as a support material this filament is perfect with a dual head extruder. As a standalone filament, it also has some advantages over ABS,

The filament dissolves with Limonene and when used as a support material, leaves the printed model in great shape without the need to clean supports away. Creating supports for 3d printing is a balance between the strength of the support v the ease to break it away. Typically, support structures are kept to a minimum to make clean-up faster. The more solid the support, the cleaner the model becomes as the overhangs have better support. HIPS does require a higher bed temp (about 100 degrees) for good bed adhesion if you have supports beginning at the bed.  

HIPS is abbreviated for High Impact Polystyrene. As the name suggests it is actually a great filament to print on its own. It has higher impact strength than ABS and has slightly easier printer settings than ABS. Another advantage of HIPS over ABS is that it is less prone to striking, meaning that it is ideal for prototyping as it retains better dimensional accuracy. 

Furthermore, HIPS is one of the least hygroscopic filaments available for 3D Printing.