I'm using this to patch a few larger holes in drywall. I'm certainly not a professional, and I'm not certain I could explain the difference between a taping knife and a putty knife, if there is one. But, having patched a fair amount of drywall in previous rental properties, I can say this is definitely better than my last 4 putty knife that's in a storage unit two hours away. Highly recommended for the amateur, although and can't speak for professionals.
Rating: [5 of 5 Stars!]