I have the LTM-Contax as well. It works. The helicoid on mind binds slightly at one point, but I live with it. I use it on digital M with a Zeiss-Opton 50/1.5 Sonnar. Due to the focus shift of the lens at various apertures, I find I either have to use live view or guesstimate the correct RF coincidence offset for whatever aperture I'm shooting at (at the wider end). Not sure if it's a factor of the lens or the adapter, but correct RF coincidence seems to happen at f/2.8, which I believe is normal.
I got it a few years ago and there was a reason I got the LTM version rather than the M-mount version, even though I will only ever use it on an M-mount body, but no longer remember what the reason was....
Biggest hassle is turning the focus in the wrong (Contax/Nikon) direction. Not sure if he's changed that for the newer adapters?