I think you are referring to TI's fixed point math library
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is sort of a bridge between writing pure fixed point code with all the headaches and using a pure software floating point library (slow but easy to write).
Its about 4-5 times slower then pure fixed point (if I remember correctly), but much faster then floating point emulation (20-100 slower then fixed point depending on the algorithm your implementing). It still requires to figure out what the dynamic range is for your signals and choose an appropriate "Q" factor.
Just my opinion but for me, its the worse of both worlds, slow and still have to worry about dynamic ranges, but others think is the best of both worlds, fast and little scaling worries.