The Anchor Hitch is a great knot for conditions that alternate between loaded and unloaded such as an anchor rode or where the end of a line might be flapping around.
The Anchor Hitch is a bit more difficult to tie and remember than the old standby the Round Turn and Two Half Hitches. However the Anchor Hitch is more secure.
The end of the line passing under the Round Turn makes the knot very secure since the harder the knot is loaded the tighter the end is held.
Some climbers are using the Anchor Hitch in place of the Buntline Hitch, they found they were not tying the Buntline Hitch correctly when in odd twisted positions.
The Spar Hitch is another little known knot that is great for tying fenders to a boat.