I think it's a strong opening - specialy against playser who are not used to it. The fianchettoed bishop can be very suprising surporting attacks on the black king after a kings castling, it can be good attacking g7, if the kings bishop is away and finaly some players play f6 against it, leaving the diagonal h5-e8 widely open for a queens attack on h5 (specialy if it is supported with a knigth on h4, I have used this attack with great succes - it can even lead to a variation of the so called "fools mate" - see the game at the end of this post).
Anyway I think that 1. Nf3 to prevent 1... e5 is a better opening. The normal answer is 1... d5 or 1... Nc6. Then I would play b3 - often continued by Bb2, h3 (to stop Bg4) and e3 (to open up for the queen and kings bishop).
I like this opening, but it is very defensive and it leaves the centre to white - so it takes some experience with hypermodern playing to handle it (and thats sometimes a problem for me ).
As promissed an variation of the so called "fools mate" played here on chess.com:
Have you tried: Nimzo-Larsen Attack or Queen's Fianchetto Opening?
1. b3
Do you like it? Pros and Cons? Is it really a usefull tool to and up in a solid middlegame vs "almost whatever" black throws at you?