The timing is awful in a lot of cases which makes it pretty much unusable for anything but maybe background tracks. I've had audio clips that had to be played in a 50ms time frame fail to play back a third of the time on occasion.
I'd rather have no sound than buggy sound.
Now I'm working on the next generation of it, since I was still learning my way around audio with that one and made a mess of the architecture. I'm starting off with a Web Audio-for-Haxe project( early stages, you can watch it here https://github.com/triplefox/hxAudio ) - I'll be building off of that to add the synthesis and MIDI parts, so that you have pretty much everything needed for the playback parts of an audio app; recording isn't on my radar yet - especially since the specs are very early still. It will be possible to compile out the lib to pure JS, so you won't necessarily have to be using Haxe if that's not your workflow.
https://www.google.com/search?q=html5+midi