I've put £12 into the game (so far), to get the AC Headgear, Titan Armour and Avatar, so I have a bit of experience. I'm not sure what you mean by 'does it work', but whether or not it's worth it depends on what you're going for.
If, for example, you're going for a 6P41 (or whatever you crazy Specialists/Assaults like), it's probably worth it. A 50% EXP/RP boost would probably be worth it too. A low level weapon though, like the Para, is probably less worth it.
As for the moral aspect, I think it depends again on what you want to buy. If you want to buy 500 toughness inserts, then yeah, that's probably P2W. If you've put a lot of time and effort into the game, you really enjoy the game and you want to help it grow by buying some novelty item, then it's not really P2W.
Spending about £40 to buy half the guns in the game though IS pretty P2W though, so it really does depend on what you're buying.