The faux suede that we get here in the fabric shops varies enormously in quality, but some of it is quite good and I've made a couple of pairs of trousers from it.
It sews really well, washes really well and generally seems pretty hard to kill. The most surprising thing about it for me was the lack of stretch. I know wovens generally have very little stretch, but there is usually something there. The faux suede, though, has ZERO stretch. If you're making trousers and especially something that you'll need to move in, make sure you have enough ease built in. Just because it will fit okay when you're standing nice and straight, doesn't mean it will be comfy when you're sitting and moving around.
The other thing to be aware of is static - I don't recommend walking across any nylon carpets whilst wearing faux suede, unless you like the Alfred Einstein look for your hair.