As someone running 5 server processes in development for one project, this hugely simplifies all the terminal juggling on my local box, and centralizes the associated commands as part of the codebase. It's a little like a "bundler for processes!"
There appear to be a few kinks to be worked out; for example Foreman fails to kill off Redis (for me) as described in this closed bug report:
https://github.com/ddollar/foreman/issues/15
Not a huge deal though. I'm happy to be using it for development.