I used it as a marketmaker. My comparision is between Microhedge and a few DOS based programs which I hated with a passion. Microhedge is a good program. It may not be for you though depending on what and how you trade. The program is more of an option pricing and risk analyzer. Unless things have changed in the last three years, it doesn't contain scanners and such which many people on these boards look for. It more suited to theoretical/greek based trading. If your position contains options across many strikes and several months, this the program for you. If you sell put spreads, while it has some nice prcing stuff in it, it probably isn't worth the cost. Last I heard, from somebody in a previous thread, a subscription is $400 a month. Right now, I don't need it, an excel worksheet works for me, however in the future this program would be my first choice. Most of the stuff I've looked at is pretty mediocre by comparision. Microhedge was written by and for Market Makers on the floor, a rare true statement(I've even been to their office).
The program itself is not very different from an excel worksheet. It is fairly idiot proof. My only complaint was the file system. I remember it being a little awkward, nothing that would change any minds and is probably due to the way most traders will use it anyway. Also, it could probably use some sort tabs to flip between screens.