Hi Benji
We use them down in Tassie quite a bit, and there is actually a company down here that catches them primarily for the bait market out of Eaglehawk Neck, they are just as good as squid and I use them the same way, strips or pieces of tentacle. They are tough as and very resistant to pickers, I use the blunt end of my bait knife to tenderise the bait before putting it on the hook, also helps to get a bit of scent out as well.
J