I did that a week ago, just stumbled across the option in the accessibility options. Now I wish I had done it many years ago (is it a new option?). There's not a single animation that is better than its own absence.
The worst thing is that it isn't respected by many apps and browsers.
Yeah, generally speaking many things with "momentum" from a touch will still have momentum (probably a good thing) and anything doing custom animation code will be unaffected (not a good thing! use the framework please, app programmers!).
But it does at least get rid of that awful stretch-bounce animation on scroll views basically everywhere. That alone is practically worth it.
The worst thing is that it isn't respected by many apps and browsers.