I hear its a little more expensive than steel (Though with steel constantly rising in price, this may not be the case forever..), and as yet I've seen no long term studies on its reliability, but offhand I'd say it looks promising.
In the UK at least, it has yet to receive legal permission to be used in buildings from what I understand. (Though they have built at least part of a bridge with it.)
enr.construction.com/products/materials/2010/0929-RockFiberRebar.asp
> Researchers in Northern Ireland report promising results from a
> demonstration project that used rods made with basalt fibers to
> reinforce a 22-meter-long concrete-deck section of a $1.5-million
> replacement bridge in County Fermanagh. The mineral material, which
> resists corrosion and has twice the tensile strength of steel, is not
> yet accredited for structural use in the U.K.
Much like the issue that in the UK, you cannot use earthships for residental use, and the likelyhood of that happening is pretty remote anytime soon. (Being that the materials often used are seen as hazardious landfill materials, eg. tyres.)