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Here's the main problem with using IV, IMO....When dealing with options that expire earnings week, IV can change by the minute - especially the later in the week you get. And IV rise and ultimate level on T-0 will vary greatly if you have a Tuesday earnings one cycle and and Thursday earnings the next cycle. Focusing on RV avoids a lot of that mess since it encompasses both IV and theta changes. For earnings trades, if I didn't have to use the IV adjust toggle in PnL charting (using the IV change that correlates to the RV behavior) I would never even look at IV - I would only need to look at RV for the trade analysis. Of course, for non-earnings trades, using IV is useful and necessary.