I use this on all of my machines now, it does a much better job of preventing swap thrashing than the original LRU code. I've been running the MGLRU patch set for like two years (?) without any downside that I've been able to detect.
Edit: We switched to using the MGLRU patch set for all of our Arch kernel packages in the asus-linux community back when the patch set was in development, there have been zero problem reports over an installed base of at least a couple hundred people. As far as I can tell there really isn't a downside to using it.