I tried it on a small amount of my first harvest.
IMHO the drawbacks far outweigh the benefits. Let's take a look:
-You lose all olfactory pleasure. In other words, it smells and tastes nothing like weed anymore. In fact it tastes NASTY.
-The weed turns into an unattractive brownish color. Not pretty.
-You lose more mass; which is how people say it "increases THC".
Basically trichomes aren't water soluble, so you lose bud mass while still keeping the trichs intact.
-Cleaner, smother smoke through the removal of chlorophyll and some stored nutrients. That's about the only upside for me.
Not worth it unless you hate the taste, smell and smoking pleasure of weed.