Flourish excel is becoming a lot more popular recently due to it's algaecide properties. Some plants (anacharis in particular) and shrimp don't always take too kindly to it though. Given the choice CO2 injection is always going to be better than excel as plants are able to utilise the carbon from CO2 a lot easier than from the complexed carbon in excel.
Excel can be used by itself and is valuable in small planted tanks where CO2 injection is not feasible.