It's interesting. We tried a post-apocalyptic (fallout) skin for it, and one about MacMurdo station that paralleled The Thing. VSCA has a pretty cool looking skin based on The Beast (film about a tank crew during the 1980s Afghanistan war).
It's fun, but not for everyone. I think you need all the participants to be interested in collaboratively creating a story. Often, more traditional minded GMs dont want to share control and many players just want to experience their part in a story without having to write it. So its not for everyone.
I think theres a pretty large trend towards these rules-light games with shared or otherwise inovative narrative-control. And I think it's largely masturbatory. I think most gamers just want to take part in an adventure, and most GMs are inspired to tell stories. The overly clever collaborative story telling in games like Fiasco, DitV, Smallville, and to a lesser extent FATE, is all very cool -- but in many ways its counter productive to just telling a story and playing a game. Like it is written for the entertainment of the game designers themselves or part time theater folks, and not gamers at large.
Which is fine, Fiasco is built for one-shots and can be played out in an hour or two. You're not going to play every weekend, and wont cary characters or continuity between games. So it does what it sets out to do, and does it well.
I just picked up a PDF of Hollowpoint which is supposed to be similar but different. Have not read through it yet.