Does the Find and Replace plugin work?

just wondering if you could simply download the WP’s .sql file, find and replace the stuff you want and import it back to the Db.

@srikat that is also a solution, however if you have a big db then it can be very time consuming.

@wordpresschina, it works, I have it running on my blog. I hacked it to find and replace even the commenters url

does it still work with the newest version of WP?