It's called File::MMagic::XS but it is not compatible with File::MMagic, you have to use ":compat" to get the same interface, and even then it doesn't return the same results as File::MMagic, so it might as well have been released under a different name.
I thought it did a reasonable job on the files I tried it with. Where it differs from File::MMagic, it guesses better than File::MMagic does, and File::MMagic guesses better than File::Type.
Last time I checked, still can't parse system magic database, e.g. /usr/share/file/magic (bug first filed in RT 4 years ago).
The currently recommended module in this area seems to be File::LibMagic. Other alternatives include File::MMagic (slow and buggy, no longer maintained), Media::Type::Simple (only maps MIME type from/to file extension).