I have used ICICI money2india on several ocassions and I would like to give my objective opinion with regards to different aspects on this.
Ease of use: The website is quite easy to use and the process of adding accounts, beneficiary and process of fund transfer is simple. Each fund transfer is provided with a tracking number that you can use to track the status of your transfer.
Reliability: I have always used this service to transfer money to my ICICI account. The money would reach your ICICI account without any issues. But some of my friends who used this service to transfer money in to non-ICICI accounts encountered several problems. In some cases the money reached their accounts too late while in some cases the beneficiary bank had rejected the transfer. Whatever the reason may be I would recommend that you use this service only for transferring money to ICICI accounts and not for other banks.
Time for remittance: The standard time for remittance is 5 working days to get money in to your ICICI account. I have observed that the money reaches your ICICI account on the 5th working day from the day you place the order. For similar services offered by others it takes 4-5 working days. So the service is comparable in terms of speed.
Exchange rate: This is the least transparent aspect about this service. Firstly you do not know what exchange rate they are applying since the rate declared in its website is always higher than what you get. Secondly you do not know as of which day the rate is applied since they claim that there is a difference between the money being received and money being transferred to the ICICI account. That being said I would not say that they give a low exchange rate. Generally speaking there could be a maximum difference of about 15-20 paise in what others give for a comparable service and what money2india gives. So you might suffer a little due to lower exchange rates.
Charges: They charge a nominal amount for lower remittances. Above that there is no remittance charge but only a service charge as per government rules. So in terms of charges I think its quite a good service especially if your amount is greater than the minimum threshold.
Customer service: Honestly I have no information on this as I have never used their customer service at any point of time. But going by other services of ICICI Bank as well as feedback received from others, I reckon that the customer service may not be that good.