It is still popular with FineScale modellers today because it utilises larger than scale flanges on the wheels of rolling stock, and because point and crossing (P&C) work is a little easier due to an overscale flangeway clearance.
This factor explains the continued popularity of EM as a scale for finescale modellers working today.
The disadvantages of near to scale flanges and flangeway crossings are that the trackwork has to be laid and built to very close tolerances and needs to be flat.
If this is not the case then the reliability of rolling stock on the trackwork is compromised leading to poor running and derailments.
This problem can, to an extent, be mitigated by the use of some form of suspension system in the locomotives and rolling stock used on the layout.
00 models can be converted to work on EM or P4 by replacing or reprofiling wheels, fitting the correct width axles and moving the locomotive or carriage frames outward to suit.