Hi DarrenT,
I've used Ping Pong as an option in other software on occasion mostly because it was there and available.
The one thing that escapes me is a set of practical uses for it.
I get that the frames play forward and then reverse so perhaps that's a bit like the old methodology of drawing where we might reverse a drawing to get a new perspective on how well things are balanced and proportional.
As an aside: I have a vague memory of using Ping Pong in OpenToonz but that is either a false memory or some form of interpolation that can be set somewhere down deeper in the program.
Edit: Keep in mind that the xsheet's whole purpose is to dictate what is played through the projector/viewer so most programs need dedicated options to be able to get Ping Pong and other playback options. As a quick (although likely frustrating for anything complex) workaround it's fairly trivial to copy a set of exposures and then reverse them by selecting the cells/duplicate and then on the menu (or via assigning a shortcut key) select 'Reverse'. If we set that reversed copy of our frames in a separate column in the xsheet we can then even turn it on/off and manipulate it in other ways... even have it play back behind or on top of our current playback.
As such whether the playback will ping pong back and forth will depend on what the view has set for playback.