Does it work?  It seems like fun if not offering fishing value.

I have an older model and in my situations, I've found it rather difficult and a hassle to use.  It's a hassle to feed the line down and trying to keep the camera fixed in one direction.  It tends to want to spin if the boat is moving.  It's difficult to determine which direction you're actually looking.  I usually don't get to see a whole lot depending on water clarity and depth.  Again, I have one of the older models and I'm not sure how much of an improvement the newer models are.

I usually use it to check out the bottom makeup or other structures to give me an idea as to what type of setup would best work in that condition.  Overall, I don't use it as much as I thought I would, plus I don't ice fish.