I have used it and it's really not up to the rails level (yet?) It's mostly a wrapper around Axum and the link between the two is sometimes not super well documented. Coming from rails I didn't feel at home TBH. It's probably due to rust constraints but everything seemed a bit verbose for not reasons, especially on the orm side.
That being said it's an interesting effort that could become something nice with some community love
The HTTP layer is very much Axum. The Loco documentation doesn't explain Axum for that reason but really it takes a day or two to familiarize yourself with it.