I’ve seen it. It’s a very flexible system. I think it would work best for an experienced GM with experienced players—if they often want to perform stunts that the rules in most RPGs just don’t cover. I would not recommend it for a new GM or new players. It may also need some tinkering to work well in the super hero genre, or to work in a game that has a lot of highly skilled fighters. Otherwise you run into the “Everybody is ranked Legendary” problem.

I played it extensively as GM. Couple of fantasy campaigns and one (short-lived) historical.

I did have to do a lot of prep work. But GURP stuff provided lots of that. Took me much longer to get a handle on the combat systems. I was able to avoid a "common" skill escalation prob by importing Chaosium's Basic-Role-Playing (BRP) percentage system: every skill had a percentage assigned to it. To see if you increased it, you had to use it at least once during the adventure, then roll above it using percentage dice. (And no Fudge points!)

I still like the system and hope to one day be a player in a campaign.

I run a Fudge Supers game online (it's at www.phoenyx.net/alienlight/ ). The Fudge mailing list is pretty busy -- sign up if you haven't already.

I discovered FUDGE around the time I started disliking generic systems... ~:\