Sweet!
A subject I might actually go so far as to consider myself an expert on...
The BD ATC is essentially the standard out there for most rock climbers. I don't often see many people using something else, and if they are they still have an ATC (or clone) somewhere on their rack.
One thing you run into though is the use of the term "ATC." For BD this means Air Traffic Controller. It is literally their proprietary name. It would be akin to calling all tissues Kleenex.
In reality it is just a modernized version of the old school sticht plate. You can see a lot of good examples here:
http://storrick.cnchost.com/Vertical...elayTubes.html
Pretty much every hardware company makes a model or two or six. You will see also that BD themselves make a number of variations of the ATC. The ATC Guide is seen pretty often now as people like the extra lock up of the teeth on smaller ropes.
When either belaying or rappelling, there are some advantages to the ATC design. One, it dissipates heat well. You will see some ridges to add to this effect. Another is that it takes very little strength to control, but at the same time often seems to take less lateral movement of the rope--as compared to an 8--when rappelling in order for it to feed smoothly. When belaying, it allows for ropes of multiple sizes, and allows for two ropes at once to be used in case you are climbing on twin or half ropes. This is the major catalyst for the design. The belayer can feed a leader one or both ropes as necessary. Using something like an 8 or a munter doesn't make this task very easy.
Another big potential plus over a figure 8 (or maybe a downside depending on needs I suppose) is that it will not lock up as an 8 can do. Having a "Rescue" 8 with the ears on either side prevents this of course. But then it also makes it heavier.
Omega Pacific makes a nice ATC style device that doubles as an 8. Offers a bit of the best of both worlds. You can check it out here:
http://www.omegapac.com/op_products_sbgii.html
Also, one thing you might consider if looking for something new is a Petzl Gri-Gri. The disclaimer here is that it takes some attention to detail each time you load in order to make sure you don't do it backwards. However, that said, it is not difficult in the least. Just necessary to be aware of. Its added feature is that it is self-locking. I often use mine on an instructor line when working with clients. Allows me to move forward and back at the top of a climb as needed. Also allows for rappells and self-belays. Its a pretty versatile device and it is another piece that you will see on many racks.