I have gotten absolutely incredible results out of it. I have had a few hallucinations/incorrect analyses (hard to tell which it was), but in general the results have been fantastic.
The closest I've come to security vulnerabilities was a Bluetooth OBD-II reader. I gave Claude the APK and asked it to reverse engineer the BLE protocol so that I could use the device from Python. There was apparently a ton of obfuscation in the APK, with the actual BLE logic buried inside an obfuscated native code library instead of Java code. Claude eventually asked me to install the Android emulator so that it could use https://frida.re to do dynamic instrumentation instead of relying entirely on static analysis. The output was impressive.