I don’t know about your use case, but for me it works and I’ve not had any huge issues. I’m not a Time.ly developer, and while I throw them any bugs I find (with fixes if possible) I don’t know every in and out of the core code.
I do openly admit I’m not the standard user, and I’m willing to dig into issues to try and solve them. I also run a test setup, which is pretty much an exact duplicate of the main site I’m worried about (restored from a file/DB backup, with a few options changed to make it work on the test site – mainly the WP site URL, etc), and I test everything I deploy/change on the test site. I’ve had too many issues with various WP updates, themes and plugins (and no, not specifically ai1ec) to trust any plugin or update to just work.
I also keep rolling backups that get done automatically every 6 hrs, which then get copied off-site. In case something goes wrong I have multiple copies I can access. This is stuff I implemented after the webhost we were using had a catastrophic disk failure on their server, couldn’t restore it from a backup (they were all corrupted) and we lost pretty much everything. So as you can guess, I don’t solely trust webhost backups either.
Ai1ec is quite complex. WP itself is ~6MB zipped, and Ai1ec is ~2.5 MB zipped. It’s not exactly a small amount of code. There are bound to be bugs, especially with such a lot of newly changed code, as the 2.0 rewrite changed pretty much everything about how the plugin worked.
I’m not saying to excuse the issues, but having been involved a lot in development, I know how things like this happen, and just how hard it is to get code as bug free as possible. Especially when you have to co-exist with a huge amount of other code that may or may not be behaving as expected.