I just tried the new beta and – surprise – it works!
I still think the structure of, say, Grunt is much nicer to work with – it's just code and easy to understsand & modify. Webpack has what must be the most awkward configuration file format currently in use.
The website also looks like it's from the late 90ies, but I guess that's not too important.
Apparently, it produces better output :(
Note the resolve section. I have mine rooted at either app or node_modules, and I have some basic extensions set up. This lets me require something like 'components/CardBinder', which ends up then mapping to 'app/components/Cardbinder.jsx'.
It ends up working nicely and lets me forget about precisely what type of thing I'm importing, instead focusing on the fact that I'm simply importing some resource, period.
It feels much more seamless than webpack.
For example, if your entry point is in "/src/application.js", it can require('components/something') from folder "/src/node_modules/components/something". And that works in native Node, Browserify and Webpack, so you're not tied to a specific build tool.
Any module in /src (and subfolders) first searches for modules in "/src/node_modules", but can still also load thirdparty npm-installed modules from the root "/node_modules".