Well, I've only been using it in this form (although with carbs reduced by about a half) for the last 6 weeks or while trimming the love handles I stupidly gained while following a silly 3 times per week TBT routine with absolutely no other physical activity during the rest of the week for a couple of months. So my experiences with it are only in a caloric deficit (until next week, when I'm bumping them up significantly for gaining). But I can tell you this:
On all the exercises I was concentrating on fixing my form more than adding weight. I succeded on just about every one, so I must have gotten stronger - for example my squats went from doing 2 sets slightly below parallel, 1 parallel and 2 slightly above parallel (all ramped) to 3 well below parallel (I won't say ATG because one guy at my gym goes lower than I think I can go with or without any weight!) and 2 slightly below parallel, all ramped with same weights as before. Same with other exercises, all while going dropping 0.5-1 kg of fat per week on average.
I definitely haven't lost any muscle and have probably gained a little.
My strength sessions (3 per week, the other 2 are conditioning and I don't use the full protocol) have generally been going very well. Even on very low calories I don't feel tired until the very end and I have no problems with recovery. That's in spite of technically squatting 5 times a week (Monday and Friday back squats, Wednesday machine hack squats, Tuesday and Saturday very light squats as part of a complex).
I've had 0 problems with it sitting in my stomach. I dissolve the carb blend in about 300-500ml of water (depending on the amount of powder) and the PP/AA blend in two 700ml shakers (hoping to get 1L ones soon). Hell, I'm often quite thirsty within 30 minutes of finishing a session, so the fluid intake is definitely not too high.
That being said, I am missing out on several benefits on the Anaconda protocol - Alpha GPC, rice oligodextrin, creatine pyruvate, plus the CHY Biotest uses is apparently better than PeptoPro. And, of course, Anaconda P. doesn't require you to mix so many different things together before every session.
I will have enough money to try Anaconda at least once this summer, but I am planning to wait for two reasons. First, I would have to pay the ridiculous shipping costs and taxes to get it to the UK, second I honestly think I need more experience before I can fully benefit from it. Within a year or two I'll probably get a chance to visit the US and if I'm happy with my progress by that point I'll come back with the full package. And several boxes of FINiBARs. Then I'll give it a try, dig out my old logs and compare the results.