What they teach you:
F-wave latencies are very reproducible. Good for monitoring disease progression.
Good for examining proximal segments of nerves. Presence of a-waves, noted during F-wave testing, indicates branched motor axons, usually signifies presence of a neuropathy of some sort. May be abnormal in multilevel radics, or polyradics, not usually in a single level radic. Delayed or absent F-waves may be the earliest abnormality noted in things like AIDP or MMN w/ CB.
Practically speaking though, for most of what the average EMGer sees, F-waves dont add much more clinical utility over the standard NCS/EMG. Not very specific, as PMR 4 MSK mentioned.
That being said, I do them (median, ulnar, peroneal, tibial) on a regular basis. Where I practice, I see lots of weird stuff, and occasionally I do find things on F-wave testing that come in handy. Never did the radial though, I'll have to try it sometime.