I've played it a few times in the past but never for anything long term. The flexibility of the system allows you to adapt it for nearly any idea you might have, especially ones that would be too difficult to use another system for. FATE does lack mechanical depth but it is open-ended so it has its place. In just the two games I played with it, FATE was used to emulate both Titanfall and Fire Emblem. Those are quite far removed from each other yet worked perfectly in each case.
The only real downside of FATE, which may not be a problem for you or for the specific game concept in practice, is that it doesn't really work well with the traditional RPG elements like loot and items. This is a problem with many open-ended systems like Mutants and Masterminds, not just FATE itself, so it can be hard to use for the more stereotypical dungeon dives and such where finding new gear is a core part of the expected experience.