I think anisotropy may be used for quantitative ligand binding study. If you consider the background mathematics of binding analysis for a simple protein ligand system (see the attachment), you see that we need a measurable parameter that will quantify, for say, a ratio of bound ligand per mole of receptor ([ligand]bound/[Protein]total).
We have not used it for quantification/calculation of binding constants; but in the following paper we have got a trend in anisotropy change which suggests we can use anisotropy change as well for binding study.
https://www.researchgate.net/publication/221766274_Interaction_of_Merocyanine_540_with_serum_albumins_photophysical_and_binding_studies?ev=prf_pub
Article Interaction of Merocyanine 540 with serum albumins: Photophy...
It is commonly used for binding studies (see the protein binding database (http://www.bindingdb.org/bind/index.jsp) which allows you to query based on binding technique). It is usually referred to as a fluorescence polarization assay.
Largest issues are need to have a fluorescent ligand, detecting weak interactions, and problems with non-specific binding (the last two are common to most assays)
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3277431/
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