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Installation is fine, though initially setup complained that there needed to be ie4+ installed. Currently my setup is with the gecko web engine installed, along with a modified registry (HKEY_LOCAL_MACHINE\Software\Microsoft\Internet Explorer - original wine keys Build, IVer and Version deleted), and a full IE6 installation (downloadable from evolt.org). Set your configuration to Win98 - That seems to be the main issue, since the XP setting would not install PSE2.
Most everything else works, though I have not tested thoroughly.
What does not
Not sure, save for web works fine, as well as some simple plugins. Child windows get hidden sometimes, but that's easily fixed with the "Window" menu.
Also, sometimes the child windows come up with the system's window manager, creating a double frame.
With my setup, the online help files (and the greeter help) does not display anything but a blank white window.
What was not tested
A few things. Be wary.
I haven't tried the installation without the gecko engine. That may help display the online help files properly.