Firstly, this is perhaps going to be more of a discussion than a question. Secondly - It works. It seemed to add the right files to source control in a my rudimentary test project.
I followed the instructions at http://bitbucket.org/zzsergant/hgsccpackage/wiki/configVS linked from another question I unfortunately can't link to. I previously installed the Kiln Client which installs TortoiseHG. I could not find the .hgrc file the instructions mentioned (last step) but using TortoiseHG -> settings created the file & updated the settings. All was well. HgSccPackage and TortoiseHG also seem to respect what each other are doing, even to the extent that the overlay icons in Windows Explorer seem to sync just fine.
I am assessing its viability as an alternative Visual Studio Source Control management tool to VisualSVN / AnkhSVN. I'd prefer to be able to drive source control from Visual Studio. It's one less thing to remember to do and I need to respect the limits to my memory that years of enjoying alcohol have imposed. So far, so good. I like it, even in these early stages.
I'm very green with source control but I made it work. Change, commit, sync. Give it a bash. I'd like to see this project gain traction. It seems, to me, a great ally for both Kiln and Visual Studio.
I'd encourage you to try it (perhaps in a VM if you're less reckless than me) and add to the discussion here and to the HgSccPackage issue queue at a rather handy link which I unfortunately can't link to - it's a bitbucket.
As an aside, TortoiseHG (0.9.3) and TortoiseSVN (1.6.7, Build 18415 - 64 Bit , 2010/01/22 17:55:06) seem to play together with no issues.