Thanks, everyone, for your thoughts.
I figure waxed paper was used before parchment became readily available, which is why it’s in TCB but not in RHC (I think). I’ve had no burning or smoking problems with it, as I’m using it to line a cake tin, so the cake and pan shield it to whatever degree. I haven’t noticed any flavor differential, and I paid particular attention for that. At the same time, I wouldn’t use it for a cookie sheet or where it would receive more direct heat exposure. Certainly wouldn’t use it on a rack to make something ‘en papillote’ or anything like that! I’d think that most things cooked directly on the rack would smoke nastily—think grilling!
It’s cut my pan prep time WAY down, though. I don’t like Baker’s Joy and the other sprays (I wish I did!), but that’s just a personal preference, so I’m stuck with shortening (TF free Spectrum), circle, shortening, flour and tapping!
Just thought I’d see if anyone knew if there was more to the switch than a product made more readily available to the population as a whole. Obviously, parchment has more uses (papillote, cookie sheets, etc.), but I wasn’t sure if there was anything more to it, since waxed paper was formerly recommended for lining pans and its a bit easier to work with under certain circumstances.