Experience with FHA 203(k) loan?

Does anyone have experience using this type of loan? I've heard that they've made the process easier then it was a few month ago - not quite as many hoops to jump through and closing in an average of about 45 days as compared to 90+ days. Looking at a place that's just a mess due to neglect, but has great potential and just wondering if the 203(k) loan is a good option. I'd like to hear from people who have actually used this program, not those guessing at how it all works or trying to offer loan products.