Well, it certainly isn't going to agree with the panel altimeter very often but what I don't know is whether the errors can be large enough that relying on the GPS altitude in IMC could be dangerous. i.e., can the errors be more than 70 feet? It isn't a backup if it is dangerous to use.
Re altitude deviations I guess that is a matter of taste. I have a fair amount of G1000 time and if I could, I would ditch the tapes completely and replace them with analog displays. Same reason most of us wear digital watches with analog displays -- analog displays can be read and interpreted more quickly than numbers. I can watch the big hand and keep it straight up or straight down quite easily. To read and interpret the numbers on a tape inarguably requires a little more mental horsepower.
If the tape includes some kind of audible alarm bugs and the tablet is patched into the audio system then it could be useful, but just visual information would not be of interest to me. I have very effective visual information already in the panel.