I just began using this component about a month ago and have had great success thus far. The component installed easily with no issues. I was also able to integrate with Community Builder, Eventlist, and Fireboard 1.0.3 with no troubles at all.
This component works very well for social networking communities where you want to empower the users to create their own groups. The added bonus of being able to use Fireboard to give your groups a private forum area, and Eventlist to allow groups to plan actual events if desired is something long needed in the Joomla community.
The only downside so far is the fact that its still in Beta with some very minor bugs. However visiting their forums shows that they are very actively working on releasing a stable version which might even be available by the time you read this. I've had nothing but success using Groupjive on my writing community site