I used it and would recommend it, but with a few reservations.
Firstly, I found it was much more robust if I steered a realistic about what it could do for me. I had the advantage of having already experienced birth so I knew something about the quality of the pain for me, and I had no expectations that hypnobirthing could make it disappear entirely. It didn't, but the pain was manageable and I felt in control for 99% of the time.
Secondly, make sure your environment is set up to be conducive to hypnobirthing. Don't do what I did and try to move furniture, inflate a birthing pool and monitor husband and child playing lego in between contractions - this leaves no time for you to actually retreat into your calm hypnobirthing world. In an ideal world you'd have your nest prepared, and your partner too, well before labour started so you could get on with the techniques
And finally, don't use hypnobirthing as a substitute for good preparation in other ways. Think about what you might do in different scenarios and how you will decide that you need to use plan B. I think it's important to accept that while your preparation should make a huge amount of difference to your chances of having a safe and happy birth, there is still an element of luck in this process, and you need to be aware of how you will handle things if luck is not on your side.
Having said all that, I'd use it again - I had a 6 hour homebirth with DS2 using tens, pool and hypnobirthing for pain relief. No tearing, a midwife on hand at all times and able to sit on my own sofa with a cup of tea and feed DS2 within 15 minutes of him being born. Lovely. So I'd say give it a go.