I have been playing MC's Ranger and its works fine. Unlike the PHB ranger, which is the best class to take a single level, Monte Cook's variant is more interesting to play at several levels -- my character is currently at the 8th level.
Even so, I'm not completely satisfied with it. I see the ranger as a scout, and that's the reason why the Ranger should have 6 (instead of 4) skill points per level, otherwise it would be impossible to get all scout related skills. Moreover Cook's variant take only d8 in exchange for a greater amount of combat feats and slightly superior magic capabilities. I don't care much about the extra magic, as I think this is of secondary importance to the ranger. Although the extra feats are cool, they turn the ranger in a very elegant warrior, able of many different movements in combat. This is my problem with this version, I see the ranger not as a manuevering warrior but more like a no nonsense straitghforward combatant.
Considering all this, I'm planing to use in the games I DM my own alternative. It will include the following changes from the PHB: 6 skill points per level (instead of 4), no two-weapon fighting and ambidexterity at first level, an extra combat feat at second and another at the third level.
My version is more powerful than the PHB as it allows more skill points, my I think that the official version is too weak in this department. The combat abilities of my version are similar to the PHB version. It takes some of the feats from the first level to make other levels more attractive and, although allowing the recreation of the two-weapon user ranger, it also permits more freedom of choice to the player.