I would consider it very old-fashioned, something from the 1920s or 1930s. The older the person, the more likely they would relate to its meaning, but overall I'd say I never hear it in current conversation other than as a humorous way of using a very old-fashioned phrase, and even that would be rarely.
Hmm... maybe it's common in UK, but I'm with JamesM on this... I think it sounds like something a very old person would say - like really outdated. The only time I've ever said it myself is the time I ordered a beer by the same name in Western Australia
Just to clarify: I wasn't saying that it was used particularly commonly. I would agree that it isn't. But (at least here) neither is it so rare that the average person would be confused or particularly surprised on hearing it.
Given that it is apparently even less used in the US than it is here, I would certainly recommend against using it regularly.