As one of the first people to try this on the Amiga, I'm very much a proponent for doing so, I have to say it works very well. I use it in my A4000D. The trick is to use the fastest CF card you can get to take full advantage of the solid state nature of it. Access times are where you'll find the bigest boost.
I don't however recommend using microdrives, as this negates the advantage of being solid state. Me myself personally I use it strictly as my workbench drive, shaving off some boot time.
Oh, and no drivers are needed, as CF is IDE by design. Use it like you would any IDE hard drive. And of course, never try hot swaping it.