I've been using both coco coir, sphagnum peat and associated products for several years now.
Sunshine Advanced Mix #4 is one growth mix I use frequently, which has sphagnum, coir, and perlite (limed). Mix with Earthworm castings (20-25%) and you have a good basic seedling mix, which can be amended further for other needs. Usually I use SAM#4 in combination with Ocean Forest. Otherwise I add straight coco coir to OF.
All coco coir is not created equal; just as all sphagnum is not exactly the same. There are different consistencies, textures* and other characteristics of the coir, such as: rinsed\low-EC\degree composted\buffered & pH which can be from about 5.2-6.5+ (my bag of Roots Coco Palms says 5.2-6.3).
*There are three primary grades of coco substrate product, which is of course derived from the husk of the coconut from harvesting, leaving us with: chips, fiber and pith (dust). All coco coir products are a mixture of chips, fiber and pith, or pith and fiber. Personally I like the high-Pith products, which still contain some fine coco fibers, e.g. Botanicare CocoGro or Root's Coco Palms. These have also been rinsed and buffered, composted (coir breaks down quite slowly) which should make them even easier to work with. One thing about coir you might have heard is that it has a tendency to hold onto calcium and magnesium a bit too zealously, and so requires a little extra such as a mineral\CaMg product if your water source lacks dissolved minerals. Coco coir itself has some potassium it can provide, which is always good.
In general I prefer the texture, consistency and porosity of high-pith coir over sphagnum peat, and the lack of acidity is definitely an added bonus. Coir is an abundant industry by-product and renewable resource, whereas most sphagnum peat harvesting, as pointed out, is not sustainable... which is another great big plus for coir. Benefits certainly seem to outweigh the minor and workable flaws.