I don't use it, it slows my phone down.
When i began to use it, i noticed my phone being a little faster with app launchs, till i restored all of my backups, i sometimes use around 25 different apps in a day, after launching all that apps and closing them (with back button and task manager) i noticed i had 50 MB of free memory (which is around 150 usually), when i checked amount of memory being used, it was just 69 MB, my total RAM is 289 MB, i get up to 170 MB free RAM without zRAM and seems like it slows my phone down if i don't restart regularly.So i just switched it off, it also slows app loads and it was supposed to make em load faster, so simply don't use it if you got a lot off apps, but if your using a few apps and want to make em load faster, go on and use it.
Change your memory minfree values guys, that helps more than zRAM or swap, for swap, i don't want to screw my 16 gb sd card, as im already using it with link2sd, using swap would totally fck it up
Also with zRAM, even animations (which are stored in my RAM already) were slow like hell, turning it off brought my phone back to life.
About battery life, with around 2 - 4 hours of phone usage daily, my battery used to run out of juice in 3 - 4 days, but with Zram its 1 - 2 days with same amount of usage.