Go for it. Just read the directions a couple times to make sure you understand the steps (I didn't quite grasp it at first!)
It helps to chill or freeze it really well. If you don't the worse that can happen is the icing sticks and you have to smooth it by hand, but it's still a lot easier.
It also doesn't work as well if you use a icing recipe without butter.
I think MelissaBlack has tried it a few times. Maybe PM her for questions. I want to try it but I don't ever had enough time to play~ Good Luck!
I use this method all the time and really love the sharp corners that you can get. Have tried the paper towel method and I love this way also. I am getting use to making the designs from the decorative towels.
Go for it, you will love it once you get the hang of the up-side-down method.
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