it does a good job of properly using IMAP (including sieve for server-side filtering), although most of the code is old so it may not have all of 'the features that people expect today'
it was released as opensource a year or so ago, but compiling it has been a horrible pain so very little progress has been made in that time. however in the last week or two there have been a lot of commits to SVN that make it much easier to compile, so I expect a lot more changes to start happening now.