I have a receiver, in the VHF radio, and I have it connected to my chart plotter (via NEMA 1893) and it does work well. However, almost no recreational craft have transponders. I know this because if they did they would show up on the screen. Just saying. It doesn't replace radar. It is useful around commercial ports, and as others have noted, on a river with a lot of commercial traffic. But I will be putting future $ towards radar before a transponder. The ICW doesn't have much commercial traffic, if any, anymore. It isn't like the inland rivers when we brought the boat down here. It certainly doesn't hurt to have a transponder. But I would only invest in one after radar.
Here is Marine Traffic shot.... lots of purple rec vessels, most at the dock being a week day and many more with their system shut down