I shaved with it this morning and I am very pleased with the performance. I did three passes (WTG, XTG, ATG) and came away with a BBS. There were no nicks and no irritation. It is a very efficient shaver.
Without performing a side-by-side comparison, I would say that the RR OLD shaves similarly to my Gillette OLD. As [MENTION=89729]TobyC[/MENTION] said, the baseplate might be a little bit wider, which should make it milder, but the weight of the handle is greater, which I think balances it out. I am sure that it doesn't shave quite the same, but it is similarly efficient. I am going to call it a very close approximation.
For $15 bucks I got a very nice razor. I still wish the head were brass, but that is a minor detail.