Innate Item Bonuses experiences?

[Da Butcha]

I'm on the fence on purchasing the HL package for Unchained, since nobody in the group is playing any of the Unchained Classes. The only other thing I am likely to implement is the Innate Item Bonuses option, as I really, really like the idea of encouraging characterful magic item selection, instead of careful cultivation of the 'standard bonuses'.

How well implemented is this option, and does it play well with other files?

My major concerns are that it will be painful to apply this option to already created characters (such as those for Adventure Paths, etc.), and it will be painful to select magic items for characters in general. I don't mind a little bit of work (going back and reselecting non-bonus items, etc), but I don't want to discover that I have to recreate every opponent and ally in Skull & Shackles from scratch.

Experiences (positive or negative) would be appreciated.