I've tried it before. It takes forever to get the fonts configured consistently and it just isn't worth it. When tight memory was an issue, it was a good alternative, because it's resource friendly - but when the most crippled machine I use has 72 megs of RAM, why bother?
In any case, I like IE and I am totally satisfied with its performance. I once irrationally joined in the chorus of boos for IE and used Netscape. I was wrong - IE has been the "better" browser since version 3.