No I don't say it, unless someone is retiring at work and then we have a Farewell lunch or dinner. I just say 'bye'or 'see you later'.

Hi... It is still used if you know the person is leaving for a long period... or for ever...

It used to be a common phrase many years ago, but it is seldom used unless in a very formal situation. Sometimes, friends used it when they want to use mock formality to make a joke. Usually they will say with great hand gestures, just to be funny.

Yes, it's formal version of Good bye, mostly being used when someone is leaving from an organization.

yes i use it but i mostly use good bye. cowboy...