This thing works. If you don't have it working for you, you are doing something wrong. End of story.
OR you don't have the settings right where they need to be in order to see good benefits for the way YOU use the phone.
I finally got it working too, but I had to change my settings from the ones Nick suggested in order to see real savings. Things I changed:
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Screen On
Min: 245000
Max: 576000
Update Interval: 120
Suppress Notification: checked (this, because it was driving me nuts)
Use your frequencies: Unchecked (not sure if default is unchecked or not, I tried this one both ways and unchecked is working for me)
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Other things I've done:
Screen brightness at about 1/3; auto-brightness off
No live wallpaper, just regular scene
Turned all haptic feedback off
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I don't know which combination of the above saved the most juice for me personally. All I know is that the original formula didn't work for me, and this one does.
YMMV