I tried it seriously for the first time last year and can confidently say I saw more deer downwind of me that didn't spook than ever before. I really can't think of a time I was winded to the point of a deer snorting and running off. A few nervous looks, some tail twitched, and some stare-downs, but they always ended in the deer just kind of walking off or going back to business as usual, when I was sure they were about to blow out of the country.
The key is if you're going to use it, use it right. That means not wearing it in your truck or around the house, keeping it in an air-tight container when not in use, ALWAYS wearing a hat and facemask, etc.
And don't use it as an excuse to hunt a stand when the wind is wrong, or to not use scent-free soaps when taking a show, wearing rubber boots, etc. It's not the token to eliminating all other means of scent control, but rather another tool to help reduce your scent and reduce the chances of you spooking game while hunting.
Try it for yourself, then you be the judge of whether it works or not.