It suffers from the same issues as Oculus ASW. Stutters when it engages / disengages and has horrid distortion in some scenarios - UI panels look really bad when its enabled. The stutters are really annoying if you sit on the edge of the threshold between where the systems enable / disable as you notice constant ticks.
I guess it's better than low FPS but I'd prefer to lower settings to raise FPS than the distortion and stutters ASW / SteamVr smoothing create. Which of course is a personal preference.