It's an official part of the Web Pages framework which is what the Razor View Engine is based on. It's just as much a part of Web Pages 3 (which is what MVC 5 uses) as previous versions of Web Pages.
There is no reason why you cannot use _AppStart.cshtml in MVC. You can also use other Web Pages features such as @helper
and @function
. All of these are likely to be frowned upon by some. So long as your boss or customer isn't among those 'some' you can use them freely.
If you make changes to AppStart, you get the same effect as if you had changed the web.config. The application will unload and restart.
AppStart was introduced as a simple way to access Application_Start for beginners (which Web Pages is really aimed at) without them having to understand global.asax and events.