I've been using it in OnDemand for a couple of weeks now - no problems at all. Basically all it does is allow you to have multiple sprints in the work pane (clearly) and then it adds a Sprint Filter (much like Epic Filters) horizontally along the top of the workflow columns. To switch between sprints, you just click the relevant filter button.
We've only ever had two parallel sprints, but it's a pretty simple feature, so I can't see why it shouldn't be able to handle more than two at a time.
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