Not very well for me, I've had nothing but headaches with it since helping in the closed beta. So I install everything by hand, but have to keep it just to adjust load order. But I sure wish they would make something better.
You'll have nothing but headaches with NMM
if you install to and/or point NMM to the same mod directories that OBMM and FOMM uses.
Install NMM to its own folder and create new mod folders in your SKyrim, Fallout3, etc games folders and point NMM to use those folders for mods.
Otherwise you'll get nothing but crashes..