1)Since you are an addict, how many unhappy people would you prefer your cities to grow when you can sacrifice population?
2)Does it change how you view the value of food vs. production when you can sacrifice population (do you consider food more valuable, and/or production less valuable?
3)Do you only find it valuable when you have a high Food

roduction ratio?
well, I'm not really an addict, I just meant I really like how it works, not that I use it all the time, but I'll answer anyway ok?
1)I still hate unhappy faces and try to avoid them as much as I can. I always rush pop ASAP if it allows me to get rid of them, so that I can keep my cities happy all the time. I will rush military units if under attack and caught flat-footed, but I usually use it to rush invaluable buildings like courthouses, AND buildings that raise happyness so that I can then rush more
I don't take food vs production much in consideration actually. if a city has a lot of food, I will rush pop, if it has lots of hammer it will usually not need it anyway. I'm not a good enough player or micromanager to think "ok let's run slavery as long as possible and build as many food-giving improvements as possible. no, I will usually build farms everywhere I can, mines on hills and cottages if I can not build a farm ( which happens rarely cuz I usually try to get irrigation-spreading farms ASAP ) . later in the game, I will reshuffle and usually substitute some farms with watermills and build lumbermills if I still have forests ( I tend to avoid cutting them until it is really needed or my workers have already improved every other tile available ) . substitute some mines with windmills if the city has very little food, and I simply never build a workshop.
so, simply said, it won't change how I view food and hammers, I'll just use it whenever it feels useful in a city ( rule of thumb for me is: if the population it deletes is at least 1/2 the # of turns it would have taken to finish that building, I will use it. 1/3 is better though. i.e. granary in 6 turns, would take 2 pop to finish? rush it! granary in 7 turns, 4 turns to finish? not worth rushing imho. I'm actually not sure if this is a good way of using it at all, if someone has a better plan please share
also, it should be noted that I like to rush with money way more than I like rushing with pops, cuz it's much easier to manage, so I'll switch to caste system or something that lets me rush with gold ASAP.
3) definitely yes. It's not useful if you can build stuff quickly already but it takes ages to grow back to max size.