I tried using it just now to enhance the very basic edit control presented in Movabletype 2.66 when using FireFox. It made it very easy to create the links I used above with a minimum of typing. I also tried to use it to make numbered and bulleted lists, but I had trouble getting the syntax right, and ended up having to repeatedly rerun it. As a result, I accumulated all sorts of difficult to read crap in the HTML, including multiple duplicate paragraph tags, and break tags where I didn’t really want break tags.
I thought it might be a buggy implementation of Textile, but I just visited the cannonical implemenation and found that it is also rather unforgiving about rework.