I like it. Oftentimes I have my phone sitting on my desk on silent and the screen lighting up in the corner of my eye is the only way to know if I receive something. Usually I miss the vibration when it's on my desk.
I've never had an issue with it when the phone has been in my pocket either.
I didn't until iOS 7. I don't know what it is but somehow I keep unlocking the phone and activating controls while I'm cycling. I finish and see I've lost 10% battery more than usual because the screen has managed to be on the whole time.