I've only used it once, so I'm not an expert. It doesn't just come up 'bad' when googled, if you follow their instructions on how to format the title of your complaint, those are the words that will lead to it coming up in a google search.
I don't think a company can sue you as long as you are telling the truth. If I remember correctly, you give your personal info to the site to register but they will not reveal that information to anyone, so you are basically anonymous if you wish to be. This site itself has been sued for hosting the information and refusing to ever remove it, but they seem to take this in stride.
I don't think they notify the company you are complaining about, but I am not sure about this. The president of the company I complained about responded to my complaint, which I was not expecting. Based on my complaint, the company figured out who I was, but this didn't bother me because I only stated facts and to deal with my problem they needed to know who I was anyway... and it seemed to light a small flame under their butt at least...



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