Has anyone had experiences in which similar reasoning was useful?
I suspect it is, and often, for someone with this mental habit. I lack this habit, so I don't easily know what opportunities I've missed. I'd like to teach the habit to myself and others, but I will need a handful of motivating cases.
Fermi problem
Link: en.wikipedia.org/wiki/Fermi_problem
Fermi Problem: Power developed at the eruption of the Puyehue-Cordón Caulle volcanic system in June 2011
Link: technologyreview.com/blog/arxiv/27140/
If you want to get better at doing rough mental calulcations, the following books might provide some valuable heuristics:
Street-Fighting Mathematics: The Art of Educated Guessing and Opportunistic Problem Solving
Link: web.mit.edu/newsoffice/2010/street-fight-0329.html
Secrets of Mental Math: The Mathemagician's Guide to Lightning Calculation and Amazing Math Tricks