Yeah i play it, there is a trap that most people fall for. (the bonus is: if they don't you have center control and easy developement.)
The trap maybe isn't the best line but it's very successful at lower levels of play.
Besides that, it's a fun opening to play and leads to sharp games.
If black develops his king side he will be way ahead. Thats why you don't see it much in high level play. When the C4 bishop comes out it can be covered by blacks light squared bishop. I used to have trouble with that variation of the petroff but after many games its a simple variation to beat.
Any tips or variations? I went to Dana Mackenzies Blog (www.danamackenzie.com/blog) and now really want to play this.