Freeze 12 is a hydrocarbon refrigerant like Duracool and RedTek (ie: a blend of denatured propane and isobutane). It is illegal to retrofit directly to an R-12 system in the US, So to use it in the US, you must first convert the car to R-134a, then convert to HC. Even then, it's still illegal period in some US states.
In Canada, it's the only available option for the shadetree mechanic.
High-side operating pressures are actually lower than R-134a or R-12 because of the different vapour pressure. In theory, this will mean less wear and tear on the compressor. It is compatible with the oils used in R-12 and R-134a systems.
I personally experimented with it for a year in my wife's car. While, in theory, the HC blend should be capable of blowing colder temperatures, in reality, I don't think it performed as well as the original 134a and I swapped it back out this year. However, in an older car originally designed for R-12, it is possible that an HC blend will perform better than an R134a conversion would. I have not tried that.