I love this stuff. I would marry it if I could. As it is, I'm spending a whole lot of time trying to find places to use it because A) It works and B) It's easy to use. Crazy House is old, and some of the choices the previous owners made have left me and The Housemate scratching our heads. Water spigots are antiques, and I feared they'd need to be replaced until I found this tape. A couple of wraps, and the leaking has stopped completely. Seriously I'm so juiced about that that I keep asking The Housemate, "Is anything else leaking? We have a LOT of this tape."
A couple of tips for anyone who, like me, had never used Teflon tap before: Figure out the direction you need to turn the female connector in to attach it to the male connector. (It's usually clockwise; righty-tighty, lefty-loosey) Wrap the tape around the threads of the male connector in the same direction so when you attach the female part, you're not turning it against the direction of the wrap. I did it randomly to start and regretted it. Also, don't unroll a lot of tape at once. It's light and it can tangle and will stick to itself. Apply with a light pressure. Don't stretch it, but don't just lay it on the threads. Wrap a few times around the connector. And finally, once the wrap is finished, smooth it with your fingers. The tape will pretty much stick to itself and mold itself to the threads.
So before you decide to make expensive changes, try this simple, and immensely satisfying repair.