It works well, but when you use any ferricyanide bleach formula, the developer must be followed by a stop bath, preferably a clearing stop bath, and a wash before the bleach or the film will stain. The bleach should be followed by a clearing bath and good wash before the fixer. So this is a readily available, cheaper, alternative to Kodak bleach but a more complicated one.
Originally Posted by bvy
Also note that PE says that such bleaches are not tested with modern films so you are taking a risk in terms of dye stability.