I recently have been using the lockmiter bit to make paneled looking box newels out of azek for an outdoor deck. This bit if you take the time to set it up properly and than save yourself two template blocks will leave you with extremely strong miter with minimal set up time.
I have used them before but they can be finicky and a real pain in set up. One day I got frustrated and developed a router table that can go from vertical to horizontal and everything in between so I could use it to make spline joints. It works great and I only have to set it up once for both pieces and I can use it for any angle.
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