It's OK as far as it goes, but the proper power tool has two big advantages:
- It's harder to wiggle the wood by accident, so the slots are tighter, leading to a better fit (and, as mentioned you don't need to elongate the slot, either) .
- You can put biscuits in the middle of flat surfaces. This is impossible with a router table.
On the other hand, with a router table, you can biscuit very close to the edge/end of the stock (not always a good idea as the biscuit swells in use), as the ends of the slot are steeper. When I use my jointer, there's usually about 1/4" of empty slot at each end of a #10 biscuit. The slot on the router table is barely longer than the biscuit itself, if done carefully. I think this is good for table tops, shelves etc., as you're tacking the extreme ends together, so it's less likely to split. That said, my jointer-made biscuit joints have all been better made and tighter, so it probably cancels out.
I have to say though, that since I got a biscuit joiner a couple of years ago, I don't think I've used the biscuit cutter on the router table once, but it's an inexpensive way to start off with biscuits and I don't regret starting that way.
Bear in mind though that my hands are a bit shaky these days, which might account for the wobbly slots a bit!
E.