I've done it three times, all three times I was suicidally depressed for months and no medication even touched it. ECT works wonders for me. It pulls me right out of depression, though for me it takes a lot of bilateral treatments. The last time I got it in February/March and I've been stable ever since. I'm still in medication though, like lolagrace said it is not a cure.
The worst part for me is the anesthesia, it knocks me out for most of the day. The first time I did it I had a horrible headache, but after that they would give me tramadol in my iv before treatments and then I wouldn't get a headache.
I did have severe memory loss from two of the times. I forgot how to get to places I'd been going to all my life, plus I forgot things that had happened and I had a hard time forming new memories. But that side effect does go away once treatments are stopped. For me, it was a small price to pay. But it is something to consider.
For me, it took 13 bilateral treatments before I started to feel even slightly better. So if you do it, give it a fair chance.
I hope I helped. If you have specific questions let me know and I will do my best to answer them.