I've used it before and managed to pull it off. You can't use it against Zerg no matter what, you'd just be crushed. One of the reasons it works is because the creep stops them from building any more structures. Also, if they use their workers to stop you, their economy is screwed the rest of the game. Protoss can stop it more easily than Terran due to the power of their Zealots' attack strength, and their workers don't need to be present to build structures, so creep doesn't hinder them as much. The strategy does work, if you can catch them very early on in the game, but 5-pool ling rush is better because it's faster and doesn't **** your economy up the way hatchery rush does. If you screw up the hatchery rush, your economy and tech advancement will be shot, and your opponent will have that much of an advantage on you the rest of the game (although that happens with all failed rush attempts, a failed hatchery rush is much more detrimental than a failed ling rush).
If you really want to structure rush, you may want to consider trying the Protoss cannon rush. It generally works better than hatchery or bunker rush when your opponent isn't rushing.