I had one in my LP30 w/ 4.88's. No issues at all on the street in 2WD, you didn't even know it was there. We don't have snow here in FL, so I never ran 4WD on the street and can't comment on that.
It worked well off-road, but my experience was similar to Jerry's in that there would be sometimes in rocks where you would not have both front tires pulling. It was not an issue in sand/mud, etc., but just in some specific situations like a wheel in the air or one tire pressed against a large rock trying to climb it and the second one in a sandy/slippery hole.
I bought my Jeep with the gears and lockers (it had a Detroit in the back w/ Super 35) already installed which actually was one of the other drawbacks. Since the Truetrac is a full case limited slip, there was no easy (cheap) way to change it for a "lunchbox" style locker. In order for me to do that, I would have had to purchase a replacement stock carrier for the 4.88's, get that completely setup (shims, pattern, etc.) and then put in a lunchbox locker. At that point, you might as well put in a selective locker like and ARB/OX, since you have to re-do everything.
As a side note, my new axles (D44's) came with a Yukon Grizzly locker in the front. This is basically the same as a Detroit locker. I was a little worried about running this on the street, but in 2WD, you don't even notice it. 4WD off-road you do notice it a little (tends to push a little and the steering whines a little more), but so far I haven't personally encountered any compelling reason to change it to a selectable locker.