I love rescue tape (and the generic knock offs), and use it all the time. I keep a roll or two in my tool box, and there's a roll in my bug out bag as it has infinite uses for medical/survival (have used it to tape off a cut on my hand where a normal bandage wouldn't stay on, and for taping two fingers together).
Couple of down sides to it....
One is of course the cost. It's not nearly as cheap as heat shrink, electrical tape, etc. (Though cheaper than the 3M tape linked to above).
It doesn't do that well at holding pressure in, especially if wrapping while the leaking hose is under pressure. Best luck I've had with that is make sure there is no pressure in the hose, wrap it as tight and as much as possible, wait a bit for it to fuse itself together, then start it back up and pray it holds. At the worst, however, it will slow the leak, which is about all you can hope for anyway.