It does work very well. With that said, it might not be a bad idea to make it more easy to find and use.
When a user is used to WMP and iTunes, which both put the volume leveling function front and center in the options dialog, rather than in the DSP studio, then it can be a little challenging for the new user to even know this option exists. Even if they find it, there's really nothing there that informs them that they need to run the Analyze Audio tool before it will work. Both of WMP and iTunes automatically analyze the files if that option is turned on.
It's one of those features that, once you get get used to it, you can't really live without it. And if you're looking to switch from WMP or iTunes to MC, it might be a red mark if you can't find it, or worse, find it in DSP, turn it on, and then have it not work as expected.
Even a simple prompt that lets users know that Analyze Audio needs to be run before it can perform Volume Leveling, and a button that will automatically run that tool with all of their audio files loaded for them would be a huge useability improvement. But even then, I think this is a feature that needs to be more prominent somehow.