No experience, but i've done enough reading about them.
The turbo lag is slightly more than a regular turbo (because the air is cooled by the time it hits the turbo) and there are Looooonnnggg intercooler pipes, but if you keep them relatively straight, it's not a big issue. Lots of turbo'd cars have long intercooler pipes with lots of bends and still make great HP... Personally i think it'd be a viable solution to getting more air into the engine for a street car. BUT, if you want to take it off road, a good skid plate would have to be made.
It is still alot of fab, but it would be a viable solution...