I own a design company that does a lot of work for real estate agents. The most common way I use LiveCycle is to create flyer templates for clients. Clients like this approach because all they have to do is grab a template and fill in the blanks.
Biggest issue is the user friendliness for the designer. It is hard to get elements to do what you want if you are adding any sort of design to your form. In my case I make flyers which require not only the form fills, but also other elements like pictures and background design elements.
The import from PSD or AI function does not work properly most of the time. If you create a document with lots of visual elements, your best bet is to convert as much of that as possible to a rasterized image and then popping that in as the background rather than trying to import elements. They come out very wonky, colors are lost in conversion, and the layout doesn't come over.
Having LiveCycle enables me to offer more products in my lineup, so that is always a good thing. Most clients like the idea of being able to purchase a template and then making changes themselves, so I've had quite a few sales here. However it's not really something that will make me rich overnight or anything. It's just a tool that enables me to have different products.
If they could figure out a way to improve the limitations in terms of design capability in the form creation process, I could probably leverage this software a lot better since I would use it more.