It's one of the air to air frequencies. Yes, you will hear commercial pilots use it as well. I would suggest adding all of the air to air freq into your scanner.
Officially, it's a flight test frequency, and is only supposed to be used for that.
Unofficially, and against regulations, it's used for air-to-air chit chat.
123.45 had been unofficial air to air for decades in the US.
I found this document but am having a hard time trying to confirm if this is an actual change "order" or just a filing / request to do so.
If this is the actual order and a tap on the heart while saying "Make it so Number One" happened, this was back in 2008. Notice the link in the addy says "order" implying it is a done deal. http://www.faa.gov/documentLibrary/media/Order/6050.32B Chg 1.pdf
I love listening to 123.450 and start the recorder because you never know what direction the conversation may take.
Worldwide - even on long overwater routes, you'll find one radio in the cockpit on 123.45. Often a conversation will last a while with aircraft going the same direction, or just a quick "I see you!" as they pass in opposite directions. The reply is "I see you too!". Aircrew always have lots to talk about, a few conversations start off with "Is old fred bloggs still working for you...."
Do you have a link? I'm not sure where to look in the Wiki pages - don't see anything air specific there. I'd like to get something better put together for air monitoring than a simple range search or a full db - zip code search on my 436. I'm too far to hear much ground or tower, but I can hear traffic in the DC, NY and Boston zones.
Edit: Took me just a couple of minutes to find these are already in the RR database and are available in Sentinel for the Uniden 436/536. Added them in and I'm scanning these on top of what I already had for NY/NJ. Perfect!
I've used 123.45 to test a new transceiver setup. I haven't noticed much chatter on it near me but I don't monitor it as I'm usually tuned to the airport I'm flying out of.