My issue wasn't with the looking around aspects, but rather with the "where'd my FIVE buttons and two scroll directions go?" problem.
I've got a 14X18 mousepad, so looking around hasn't ever really been an issue for me, but having to move SEVEN functions from my left hand, to my right, was VERY disorienting, to say the least.
I know several people using various forms of trackballs effectively in FPS games.
I just happen to be one of those who found it less than perfect for MY playing style.
I agree with Randy that it's "not the same" as a dedicated CP, and have started the design phase on several game-specific CP's (the most recent being a CarBall CP for Unreal Tournament 2k4).
The problem I have ALWAYS run into, and the one that kept me from proceeding to the production phase, is that FPS games just require too many buttons to be hit simultaneously, or in quick order, to make a dedicated CP functional for me.
I just don't have THAT much dexterity in one hand.
Using the mouse, I can bind keys directly to it, so that I can "key-chord".
For those unfamiliar with the term, it is using both hands simultaneously to press keys, much like playing a chord on a piano.