I feel it works as expected, good to remove some speed before a curve, but I haven't tried neither expect it to make the rear tire loose traction or locking the wheel like in my old cbr.
The pedal should be firm and the stop should be mostly gentle if you're only using rear brake. I've only had mine skid at lower speed (under 30) quick and hard on the rear brake.
If you over use only the back brake, it will destroy your pads in under 4-5k
I've had it both when it's going bad and when its freshly bled. It should feel firm. You should not have a lot of travel before you feel the brake kicking in. Before it went completely dead I was able to press the pedal all the way to stoppage and it still wouldn't slow down much.