This 8-strand stuff gives the stretch of nylon, is only slightly more difficult to splice than three strand (it's 4 double strands), and being a balanced construction doesn't tend to hockle when it's given a good pull. And it stows like a dream - the manufacturers don't even bother to spool it. They just load it into a box!
Yes, you still need some chain for abrasion resistance at the far end. And a kellet does wonders for when you have to anchor on short scope or shifting currents force you to take steps to keep the rode off your rudder/keel.
Personally, I haven't gone to it for anchoring yet (haven't had to), but it's my last buy for dock lines. Handles beautifully. Yes, it's a bit more prone to snagging on splinters, but this drawback isn't enough to make me go back to 3-strand for docklines.
Dacron for anchoring or docking?? Not for me! First line of defense against torn out cleats is stretch, followed by a kellet. As for chafe, yeah you need chafe gear. I was securing for hurricane Bob, and couldn't find my chafe gear for the anchor line. Tore a strip off the bottom of my bath towel and secured it with duct tape. Worked beautifully - there was enough give in the towel that the duct tape didn't wear through! It's still in place on my 'hurricane rode - 250' of 5/8 3-strand). Hurricane anchor is a Danforth 40S. This on a Tartan 30.