Users appreciate the Performance Lab plugin for its speed-enhancing capabilities, image optimization, and ease of use without requiring deep technical settings. It helps by converting JPEG images to WebP format quickly, improving page load times, and offering features like dominant color images and fetchpriority modules which drastically enhance website performance. However, users have reported critical issues, including severe bugs that crash websites, errors that render the plugin unusable, and a complex shift to multiple standalone plugins which leads to confusion and inefficacy. Moreover, there’s feedback on missing functionalities like PNG to WebP conversion, SVG support, and better naming conventions for converted files.