It does check a bit, but you should be able to make things like tool handles from it. The grain is a bit coarse and stringy and I would not particularly choose it. On the other hand if you constantly have prunings lying around...
Crepe Myrtle turns nice when it is moist. I did some prototype spindles with it to test out profiles.. As far as looks I carved a spoon that looked not bad. Nice to carve.
I have, soft like pine but less splintery. Easy to turn, very light colored wood. Sanding, I will not start sanding below 180-220 because it tears through the wood pretty fast.