I have it and it works. I really don't use it anymore, though; the only games I played on it were Pokemon (and I lost my Silver cartridge, broke my Yellow cartridge, and only have my Crystal cartridge left).
Still, the Gameboy is a great device. It was built so well that most of them work just as good today as they did when they rolled off the assembly line.
I may one day have to start buying all the great Gameboy games I've missed out on. Emulation just doesn't cut it. Tetris, Oracle of Ages/Seasons, etc.