Last time I used it (June) it was working. If the machines are up, then it's worth it (saved my bacon one time at JFK when there was weather; I was first through & able to scramble to next flight before they shut down the airport). Depends on the airport though; if I recall correctly IAD it's never working. ORD doesn't have it at all. And sometimes even if the machine is down, flashing the card will get you to the front of the line (that's the luck of the draw, though, & not at IAD).
It's about a 10-minute process for the application - you fill out normal stuff & then they scan your hand a # of times. When that's done, you get a Costco like card w/ equally bad picture

If you're going to originate at JFK, you might want to go there early one time to apply.
If you're concerned about privacy & don't want your finger/handprints on record w/ gov't, then probably not for you. Since I had to be fingerprinted to work w/ the children in the Make-A-Wish Foundation as a volunteer, it didn't bother me. Having said that, I won't sign up for registered traveller program which requires iris scan, but that's a dif thread.
Cheers. Sharon