As version 4 is still in development as I post this review, I want to make it clear most of my experience is from the earlier versions, primarily version 3, as that's the ones I've played the most with.
ParCool! is a simple ordeal,
you bind some buttons and you get a parkour system comparable to mirror's edge.
You can do everything from your standard wall-runs and safety-rolls,
to fanciful extras like flips, dives, and hiding in hay-bales.
The mod also comes with ziplines and a grappling hook,
with the former letting you get down from towers and mountains in frankly the single most fun way possible- and the latter being an addition of 4.0 which can help with jumping around corners and getting across gaps.
All the issues that come with ParCool amount to minor bruising from slightly odd default keybinds and action delays at the end of animations, such as when trying to vault multiple times in a row, being not a matter of buggyness but rather occasional clunkyness... (My worst offender being that the release-space-to-walljump setting is hidden in the CFG file rather than the included settings menu.)
Other than that, the animations look a bit stiff, but the cross-integration with Epic Fight handles that for the most part. Not to mention that 4.0 is trying to add a resource-pack modifiable animation system, although the documentation for that is not out yet.
Since you read to the end, here's a secret tip.
Try installing RealCamera and ParCool 3,
then set the smoothing on RealCamera really high and unlock the camera rotation.
You will get movement that feels incredibly tactile, although it might make you a little motion sick ;P