One may feel an understandable reluctance to subject one's fragile patient to an investigation which has received such terrible publicity. However, one must remember: PACs don't kill people, people kill people. In the wrong hands even a peripheral cannula is a lethal weapon.
There are no hard indications, per se. The decision should rest on the need to answer a specific question about the haemodynamically unstable patient, which cannot be answered with a less invasive technique. Essentially, you would ask of the PAC, “Why is my patient hypotensive? Should I fill my patient more, or should I try to push the vasopressors? Is there room to move with fluids?”
A good 2009 review article on the historical changes in the utility of the PA catheter presents a list of "modern" indications, which resembles the following:
This a full-text version of the seminal paper from 1970:
Swan HJ, Ganz W, Forrester J, Marcus H, Diamond G, Chonette D (August 1970). "Catheterization of the heart in man with use of a flow-directed balloon-tipped catheter". N. Engl. J. Med. 283 (9): 447–51.
A manufacturer (Edwards) offers some free information about the PA catheter on their product page.
Chatterjee, Kanu. "The swan-ganz catheters: past, present, and future a viewpoint." Circulation 119.1 (2009): 147-152.
The PA catheter section from The ICU Book by Paul L Marino (3rd edition, 2007) is a valuable read.
Additionally, UpToDate has an article on PA catheter complications.