It should work well. It won't trigger for the recurring payments. I will look into updating the various recurring payment handlers (there is one for each gateway option) to run the pmpro_after_checkout hook so stuff like this triggers for recurring payments as well.
Personally, I am using the pmpro-affiliates plugin <https://github.com/strangerstudios/pmpro-affiliates> which works well if you don't mind manually setting up the affiliates and manually paying them.
We don't have a great one size fits all affiliate recommendation for PMPro users yet. In general, if you find an affiliate system or plugin that does everything you need besides integrate with PMPro, then you can set that up and purchase our "do it for me" plan to do the actual PMPro integration for you: http://www.paidmembershipspro.com/pricing/