I run Rawhide, and I am able to reboot, login into GNOME, and get basic work done.
However, as per my recent message to the list, many packages in Rawhide are broken in one way or another because of a gcc bug, and I would imagine that until the gcc bug is fixed, the number of broken packages is going to increase as more packages are recompiled with the buggy gcc. Even after the gcc bug is fixed, it may take some time for all the broken packages to be recompiled with the fixed gcc.
Therefore, my take on your question is that I wouldn't recommend updating from Rawhide until the gcc bug is fixed and package maintainers have had a bit of time to recompile their packages with the fixed gcc.
Personally, I have stopped doing regular updates from Rawhide pending the gcc fix because I don't want the breakage on my desktop to get any worse than it already is.