If I ever am forced to use git I'm hoping I can do this. Does it work well? I'm being forced to use svn right now at work and hgsubversion is a little rough around the edges.
Really well. The one stumbling block is that git branches are mapped on to hg bookmarks, and it's not quite seamless --- I haven't figured out all the subtleties yet, but it doesn't seem to get bookmark deletion right, for example (the bookmark will reappear the next time you do an hg pull).
I use github as a backend, so I tend to do branch manipulation using the github UI, so this isn't an issue for me.