It works for almost everything I try to find. It might take a few tries, but I can usually find the mail I was looking for.
Usually when I change jobs I have had another non Gmail account but I have never found the search as good.
I have an outlook web client at work and that doesn't find things. Maybe its me being dumb and remembering different phrases from what is actually stored, but I almost always manage to finds what i am looking for in Gmail. I can't say the same with other clients.
Its just a pity that I have to give up my privacy to Google for it.
Why do you think it is good?
There is nothing that says that you can't have both web and native mail clients.