In my somewhat limited usage of this module, it seems to do exactly what it says on the tin: parse YAML exactly as the spec says, using the most compliant library there is, libyaml. Such adherence to the specification is more than can be said for a lot of library interfaces.
It's about time Perl gets a complete and proper YAML parser. This is it. In the past I've been bitten by a couple of YAML's and YAML::Syck's minor bugs, in addition to several crashes (don't know how they are recently). But using YAML::XS (YAML-LibYAML) I get the feeling, for the first time, of a first class parser comparable in stability and completeness to that in Ruby and Python.