I bought it, and I was very unimpressed. A client of mine uses this for opening advertisements for turning into PDFs and placing them in a newsletter, and success with icWord has been very unpredictable. Sometimes it works, sometimes not. Very often, image files do not appear properly and some formatting is lost, although all of the text usually does come through in its entirety. Usually, some words get bumped on to the next page or something small like that -- not a big deal for word processing documents.
For quickly turning word processing documents into AppleWorks-readable files, icWord is very quick and easy. However, if maintaining exactly correct positioning and format is vital, it is not quite up to the job. If you just need to get text and images out of a Word doc occasionally, use NeoOffice/J and a little copy-and-paste action.