Personally I don't do it unless I really have to, it's too dangerous.
If you really know what you are doing and do it safely you should be fine, but there is always an element of risk.
It may not be you but another driver that makes the mistake, you may be able to see the 12 vehicles that you are filtering past but how many of them actually see you.
Consider the consequences if you get it wrong, say 40 mph on a motorway, if someone should cut across your path, you would more than likely be knocked off and to the ground. Would the three lanes of following traffic actually stop to avoid hitting you, I think not. scary stuff.
Slower speeds fair enough, if you make a mistake the risk is lower but higher speeds nah, stick to proper overtaking.
A friend of mine his son was a learner on a new 125, after a couple of months he got knocked off filtering, he thought he was doing the biking thing passing slow moving traffic. He got knocked off filtering past stationary traffic at a side road and as he past the leading vehicle it turned into the side road and knocked him off. The driver didn't see him.
It was slow speed, but he was ok and his new bike was written off.