I found it to be slow and glitchy. problems with various things during boot up ment I would never be able to boot successfully to workbench everytime. something would usually go splat like "iprefs failed to load - reboot or suspend process?"
i'm downloading the latest version of amkit real now though - as I've always liked it on an emulated system. i'll see if I can get it on my V500....
two things, always backup your system drive beforehand so you can always roll back if you don't like it! and give your workbench drive/partition at least a gig of space! (what is this, windowsXP?