Works fine - you can use the multiple attacks rule, you get crits more often, and generally deal the BEM a whole world of pain
I haven't got there with the new BRP yet, so haven't worked through the new perms, but I've regularly played with skill levels in the 100-200% mark in RQ and had a blast.
Now, if you *really* want to know how well high-level skills work, ask Simon (soltakss)... There's a campaign that pushed the envelope!
Cheers,
Sarah