I had some difficulty getting this to work as I wanted it to, which I was able to solve by setting the Audio tracks to Absolute time in the Inspector. I had clips starting at different times in the projects and they slid around when the new Tempo Map was applied, as long as they were in M:B:T basis instead of Absolute.
Anyway, since I might have appeared to be complaining then, I'll be sure to chime in now to say that this feature is fantastic.