I've withdrawn funds recently from Camp BX using Dwolla. Worked great ... Camp BX performed the account-to-account transfer shortly (a few hours) after my late-night request to withdraw and I was able to use my Dwolla funds from there as I intended.
I don't know if there currently are delays on withdrawal of Dwolla when using Mt. Gox.
Now as far as going the other way, from Dwolla to an exhange, I'm not sure if it is relatively instant (i.e,. funds credited to your exchange account in a timely manner, i.e., an hour or three) but I think we'ld be seeing more griping if it wasn't.
Of course the 30-day probationary period that Dwolla imposes before Dwolla USD funds can be used with a bitcoin exchange makes it unusable for some until that period has passed.