There is a great Miss orchid girl video about this stuff on YouTube. In my opinion as long as there is oxygen flowing to the roots and you allow the plants to dry adequately for the type of orchid then there should theoretically be no problem with using this material.
It may actually be superior to sphag because of it will not break down, compact and suffocate the roots.
Salt build up is a concern with any media especially wicking materials, so just be sure to flush the pots with pure water every so often.
Give it a go and let us know about your results. If you water carefully I'm sure it will be great.
Best.
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