Sounds like good mulch to me. It does take forever to decompose and it's fairly acidic, so mulching around rhodies and other acid loving plants would be good. Keep the weeds down and make the plants happy.

Last year I added a wheelbarrow full of maple saw dust to my compost without researching it and turned it into compost mulch. It'll be years before it breaks down, looks good and is very healthy. Before I added the dust, it was extremely healthy compost.

So if you really want to use it in your compost, use it very sparingly.

And, for the record, I'm jealous, my rhodies and blueberries would love it!

Here is a link that might be useful: Sinfonian's garden adventure