There's nothing wrong per se with using "logistic regression" for this kind of data. You can think of it as an empirical adjustment to allow fitting a response that has a bounded support. It's better than the alternative (logit-transforming your response, then using ordinary linear regression) because the resulting predictions are asymptotically unbiased, the mean predicted value equals the observed mean response, and (probably the most important) you don't have to worry about situations where Y equals 0 or 1. The arcsin transformation can handle Y = 0 or 1, but then your regression results aren't so easily interpretable in terms of log-odds ratios.
The main thing to look out for is that, as with any generalized linear model, you are implicitly assuming a particular relationship between the $E(Y|X)$ and $\textrm{Var}(Y|X)$. You should check that this assumption holds, eg by looking at diagnostic plots of residuals.
For most cases, doing a probit regression will give very similar results to a logistic regression. An alternative is to use the complementary-log-log link if you have reason to believe there is asymmetry between Y = 0 and 1.