I have found this to be usefull for step timers fault timers, and datalog time. Feed it a start time (uses a strict reference) and every time the vi is called it will compute the elapsed time.
I have never seen it done like this before but I found it easier to develop than cascading loops, seems easier to call time and again also.
Maybe its a little cheesey like to hear what anybody thinks.
PS can't seem to figure out how to get the VI snippet to work, am I supposed to post he .png fill to a third party website and link to it?