While it can produce good results, I found that I had to spend too much time tuning it or toggling it on and off depending on what was playing.
I preferred to edit the tracks offline in
iZotope RX using their declipper instead. (though the RX VST plugin can be useful for video with clipped audio)
But declipping only sort-of works. It can make a highly clipped track easier to listen to, but doesn't make them sound
good and you can't really restore the dynamics that were lost due to the track being run through a compressor.
If it's an option, it's much better to seek out a higher quality track than declipping a bad one. Of course that's not always possible.
This is particularly annoying when you know that a good quality master exists, but it has not been released.
Just recently I encountered an album which has two different versions that I could find, but both are horribly compressed. The tracks from that album which appear on a Greatest Hits collection clearly come from a much higher quality source, which is not available to buy.
I suggested adding a declipper to Matt a while back and he seemed interested, but I don't know if anything ever happened with it. (I did not have any really good examples to send him at the time)