I'm not very happy with it. I've also seen a quote somewhere that Rasmus says PHP4 quite simply isn't ready on Apache 2. That may be outdated - it was a few months ago.
Setting php ini values in httpd.conf isn't working. And I found a few other issues while pushing stuff from a 1.3.27 development server (on a V Host) to 2.x dedicated server. We ended up leasing another dev machine so that we can use 2.x on both.
The above machines are RPM based machines, though. Custom compiles with the current source may be better.