I'm not sure how long they last but I got a 10% off coupon in the mail and noticed on the net that the pair I've been using is sold out so... folks must be using them.
My experience is limited to use after a bicycle ride, the over-the-knee type that go from ankle to top of the thigh:
Mojo Compression Recovery Graduated Compression Thigh Sleeves
I was first turned onto compression sleeves by a doctor who used a much more elaborate setup in his training program for competing in triathlons and later on, also by an orthopedic surgeon who was only talking about the socks. I've been remembering lately to put them on within a few hours of a ride, after which I wear them the rest of the day before going to bed.
Anyone with a swelling problem probably has positive feedback as to their effectiveness but for sports use when there's nothing to actually see, while it seems like a good idea, it's hard to know how effective they actually are an aid in the exercise recovery process (which is why I've been using them), e.g., kind'a getting the blood flowing through the legs by helping overcome gravity, e.g.,
Improved Recovery... faster muscle repair... Improved Circulation... Encourages blood to the muscles and flush by-products away...