Works fine for a small area but it would be far better to just replace the rotten wood totaly in most cases.
If your talking about the deck boards that you walk on that would be just asking to trouble and possible injury trying to just patch it with anything.
Post some pictures of the damaged areas.
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I use the wood restoration system from Arbatron and especially for difficult shapes and things. It is amazing to work with on architectural millwork but expensive. I certainly would not use it to patch up a piece of 2x6 decking or something.
I agree the answer to your question lies in how much rot you have and why. And is it just rot or is something feasting on your lumber? You should source and fix the cause of the rot before fixing or replacing it with new lumber.