You will hear lots of opinions on this topic - mine is that the stuff is terrible and you are better off using a good sea kelp extract instead. We wrote an article called Mythbuster: Fish Emulsion for Pest Control that was in the July, 2009 HVH Newsletter. You can still read that one on the web site but it will only be there for a short while since we just keep the previous 12 months online. The newsletters are at
http://www.hiddenvalleyhibiscus.com/newsletters/index.htmThe article was specifically about claims that fish emulsion is a good pest control product, which is nonsense, as we hope we proved to most people's satisfaction. Once you learn what fish emulsion actually is you can see that it is probably not worth the foul odor that you have to put up with. That is not to say that a fish based fertilizer or nutritional product could not be good - there are some that are good, but fish "emulsion" is the stuff left over after everything of value is stripped out of the fish. Check out the article and see what you think.
Charlie