I've started developing a new app with Three20. Little note: I've started iPhone Development about one year ago.
I was attracted by the UI elements too, so i thought I'll give it a try.
Downloading the source is strait forward, but when it comes to integrating Three20 to an App it gets difficult. I think I've need about half a day to get it running. The big problem was, that I'm using XCode 3.2.3 with iOS SDK 4.0 and the source I've downloaded was set to run on iOS 3.2. After I read a lot of blog-posts and stuff like that, I finaly managed to run my app on the Simulator and on Device.
The next steps were kind of easy. You can use the UI-Elements and Core-Functions of Three20 easily. Build your app using the URL-based-navigation is great. So Three20 does at lot of things you normaly have to care of yourself. E.g. normaly you have to alloc and init your ViewController, push it to your NavigationController and release it. In Three20 you only have to "call a URL" and the rest is done by the library.
From this point of view Three20 is really great. The next problems I faced was, when you want to customize or change the standard-build-in-components. I've spend a lot of time reading through the class documentation on Three20.info until I've managed to build my own TableCell. I've faced the same Problem, when I want to load my data a different way to a TableView.
Until now I haven't got any problems with some other libraries in the same project.
I think Three20 is great and easy. On the other side it can be quite difficult. If you like the UI Elements, you should give it a try.