I used it years ago and it worked quite well even back then. If you just need a messenger then its not bad at all imo. I dont know how it scales when running a server for 10000+ users (every message is a new email so the load is probably a lot higher than for a normal email server), but its probably fine.
The main reason why i dont use it over matrix is the very mature VOIP stack that Element/Matrix is using. I basically completely replaced classic phone calling and other video conferencing stuff with matrix.
