I use Perma Wash brand snake oil. Who knows? I'll die before either way will ever be known by me. So far, 1972 till now, is my testament. I can not remember which pictures in the box was washed which way or not. I use it because it can't do any more harm than hypo would have. And I can't afford gold. In the end analysis, I doubt any of my photos will be a better recording of history than the dead sea scrolls. They lasted OK enough.
HCA saves time and water, and helps ensure archival washing.
It isn't the only way to get an archival result, but it is one good way.
If you want to read lots of interesting information about washing film, including the role that HCA may play, you might want to read through this sticky thread: (there was a url link here which no longer exists)
Thanks for the link, Matt! I'm using a hardening fixer (Kodafix), so it looks like HCA was a good idea, as I did get some slightly yellowish spots on my first rolls after 20 minutes of washing.
They're not snake oil. Use them, and you can use a shorter wash. Don't use them, and you need to use a longer wash. That's all there is.
They are of minimal utility if you use an alkaline fixing bath, but few people use one (and not many more are even that familiar with them). With acid fixes, they save a lot of time and water.