Unfortunately a person can't say it will or won't work because it's different for each child.
That said I have used it, I purchased it at Big Lots for $40 (it used to be MUCH more expensive in the $200 range for the whole program). It was a waste of my money, just as were all the other phonics programs I purchased.
My oldest child didn't "get" phonics until well after she learned to read using other methods, she was 8 when she learned to read and almost 10 before she understood phonics well enough to begin sounding words out. What this means is we wasted 3 years of her life teaching her how to read in a way that didn't mesh with her natural abilities and learning style. That's not a good way for a person to begin homeschooling
While she got a late start she can now read anything she wants without problem and thankfully no lasting scarring from all my goofs with the phonics programs and tears they produced.