The polarization/anisotropy approach is also very useful to study protein-ligand interactions in general.
The first application of fluorescence polarization to monitor the binding of small molecules to proteins was carried out by D. Laurence in 1952 using Gregorio Weber’s instrumentation in Cambridge.  Specifically, Laurence studied the binding of numerous dyes, including fluorescein, eosin, acridine and others, to bovine serum albumin, and used the polarization data to estimate the binding constants.
Although many probes (such as fluorescein) do not significantly alter their quantum yield upon interaction with proteins, one should not take this fact for granted and would be well advised to check.  If the quantum yield does in fact change, one can readily correct the fitting equation to take the yield change into account.  In terms of anisotropy the correct expression relating observed anisotropy (r) to fraction of bound ligand (x), bound anisotropy (rb), free anisotropy (rf), and the quantum yield enhancement factor (g) is:
Polarization in Protein IV