i have.
I would say that in terms of flavor, it works great. But in terms of practical balance it can become a nightmare.
When I did it, I tried to make enough to make a playable class (psionicist). Balancing the feats and skills against each other was hard. Saying "you have 8 skill points to spend but most of those have to be on psionic skills" works okay in theory but then levels of rogue have skill points to burn and (especially with the lack of exclusive skills in 3.5) can raise the skills.
The spellcasting of clerics and wizards is not really equivalent to feats...it is more powerful. A single 1st level spell can do more than any feat or skill (Jump, Magic Missile) and each feat or skill would need to grant the use of mutiple spells.
The same is true for psionics. It needs to be balanced so that it doesn't become nothing more than a progression of class abilities (which a series of exclusive feats would end up doing) or end up the feats the anyone in their right mind would end up taking.
I would like to see a psionic system more like the Channeling system from Wheel of Time. Feats open up areas of power but you still learn the different techniques normally. Instead of fixed "levels", most spells (called weaves) are multi-level. You get different amounts out, depending upon what you put in.
Things I definitely like about the PsH psionics:
The power points. They are much more logical than in the past. And the standardization went miles toward making it playable.
The metapsionic feats. Alot like metamagic, but very nice and they fit in well with the power points.
Things I dislike:
The 10 levels each power at a level, number of spells (oops powers) known per level. Makes it a sorcerer with power points.
The psionic combat rules. Out moded.
Psi-crystals. I mean come on!
Just my thoughts.
DC