Works fine, but when I did it I used a level shifter to get the output of the Propeller board to 5V (I never tried it with the outputs themselves I had no reason to do that but it should work). Talons also work. Jaguars on PWM and with the Microchip CAN transceivers also work. Just get the signal correct or you'll get strange behavior.
I used the level shifters for several reasons not the least of which was to prevent a user wiring error from impacting the Propeller itself. An error like connecting the 6VDC power supply for a hobby servo to the PWM output for example is easy to make with loose wires. The worst case someone fries the level shifter.
If in doubt a simple 2N7000 MOSFET is fine level shifter and quite cheap:
https://www.sparkfun.com/products/8745
How it works:
http://husstechlabs.com/support/tuto...level-shifter/