Just from what I've heard in the forums, it's terrible.
I must admid I have bad experience with princeton myself and in important games will never opt for this offense.
However!!!
All this (forumposts and my own experience) do not prove it a bad system in BB.
The key point here is:
What do most teams like to train? right... jump shot
What does princeton avoid? right... midrange jumpshots.
Teams who train jumpers, and therefor have players with decent jumpshot will have better experience with offenses that use the jumpshotskill more. It is only logical.
So then who can benefit from princeton in BB?
I've told this before somewhere, and am repeating it: teams with players with low jumpshot, but have decent inside shot, driving, and jumprange.
Since you'll have to look hard for such teams (okay everyone might have such a player, but you need 5 and more of these), yes it will be posted often that princeton is bad. ;)
They are not your friends; they dispise you. I am the only one you can count on. Trust me.