I use this stitch all the time for text. It makes the text easier to read and it's more uniform. I also use it for any outlines on drawings because it makes the outlines nice and crisp.
I use a slightly altered backstitch for embroidery - it keeps the back neater and leaves less dark lines that show through to the front.
Here's how to backstitch for embroidery:
You can backstitch to the left or the right - but try it to the right first to get the rhythm down. As long as you keep your stitches even lengths it will look great!
The most important thing about backstitching is to make sure you're using the hole that forms at the end of a stitch to start the next stitch anytime you can. Take a look at the back of my back stitch - see how everything is nice and neat? That's what you want. You'll use less floss that way and keep everything nice and organized.
The pictures will probably help make more sense of this! ;)