I've tied and fished this fly often for both the PMD and Baetis hatches. I usually tie an olive biot body for the Baetis version, and I've had success with both. This is a deadly pattern during emergences of many Mayfly species and I'm never without some in my box. I've even tied up some larger sizes for the Green Drake and Flav emergences.
Kelly.
Tight Lines,
Kelly.
"There will be days when the fishing is better than one's most optimistic forecast, others when it is far worse. Either is a gain over just staying home."
Roderick Haig-Brown, "Fisherman's Spring"