It seems to not do a great job of staying connected to the cell network. And it also often doesn't wakeup for new SMS messages.
I thought buying dedicated hardware that is designed to send and receive SMS would be better than buying a raspberry pi and an lte dongle, but I now regret that decision.
I've not tried to use the PhinePhone as an actual phone, but from the little time I've been forced to interact with it, the UI is basically unusable. Its incredibly slow and unresponsive. Often times it will just lock up for no apparent reason. SSH'ing into the phone has been the only reliable way of interacting with it.
‡ For the handful of services that refuse to work with Google Voice.