It works just great.
PWM fans use 12volt power on a constant lead with the 4th pin on PWM fan header sends a PWM signal to the fan's built in PWM pcb where it pulses the 12v power going to the fan to control the fan speed.
The signal from one PWM fan header can usually control 8 to 10 fans no problems, but there are a few fans (like some Corsair) that do not play well with others. Some of them will not work if only 2 or 3 of them are on a splitter.