I used Redline MTL for the past two years with no detrimental results. The clutch feels a little "lighter" I guess is the best way to put it. Neutral is very easy to find, although it was not hard with either the stock fluid or Amsoil 10W-40 either. Shifting is very easy at 5000+ rpm and normal shifts are smooth and quiet. I am trying Amsoil ATF next season to further experiment. At worst my clutch plates will fail and I will just put a high performance clutch in and start over w/o ATF. I really doubt that will happen though. As explained above by Master ACiD, you just won't find anything in the HD primary that you don't in the millions of automatic transmissions on the road today, except for the alternator, although most transmissions have electronics inside of them. I don't believe the ATF will attack the windings so it should not present any problems in that regard.
I was just reading an article in Easyriders about Sturgis and how there were less people there this year, perhaps because a lot of the "new" riders of the past few years have given up riding because the Biker Builder shows are not as prevalent as they were and the "sport" is not as popular because of it. Perhaps HDs big push to have one lubricant for every hole was to make it easy on people who have little riding and/or mechanical background? I personally believe that many compromises are made when trying to provide a be-all-end-all lubricant and therefore each sump gets a different product on my bike. ATF just makes sense to me for the primary. I can't think of a reason why NOT to use it. If someone has a good reason, I'm all ears.