I think it's a mixed bag, MOST of the time I get a positive response a few times I haven't. I use mine when passing and before I go around blind corners. A pedestrian yelled at me telling me he was "over as far as he could get" which wasn't my attention, I just wanted to make them aware I was coming so they wouldn't turn into me. I also use it when I see approaching pedestrians and bikers that I am not convinced see me, it's amazing how many people you would swear were looking right at you aren't aware you are there till the last moment. Once a dude actually jumped INTO my path after I rang it. He got angry after I stopped quite close, brakes squealing as I panic stopped, I apparently scared him. I now ring it a few times about 25' back then again as I approach closer and usually follow up with a verbal warning.

It's unavoidable that some will get pissed by it, or not hear it or not react wrongly. I think it helps out more than it hinders.