I found it didn't work any more or less often than Macports (so maybe 50% of the time?) only there seemed (when I used it) to be less community support should something actually not work. Though that's just my experience.
Okay, Packagemaker 3.0.4 seems to have pooched my installer. Run the installer and the application isn't installed to Applications it just vanishes, but the installer says it's succeeded. Nothing was changed from the previous version, all I've done was update to lion, run the packagemaker program to check for errors and build a new package. Poof, broken. I'm so frustrated I've never been so close to inflicting violence against my computer... I don't even know where to start looking for the issue.