I used to use it back in the days of 56K. It did work as far as getting web pages to load through quicker but the way it did it was by compressing all the images that was on the website you were viewing, thus getting them to load quick.
The one major draw back I found with this was that the quality of the images dropped a serious amount and became very pixelated.
Short answer would be no I do not recommend using it as it will degrade your web surfing experience
Must do something special 'cause most web servers these days will compress their content before sending if the browser reports it'll accept compressed content.