works well; seems alot of reefers feel its safer and more friendly on fish than medicating (though copper, etc. does work too, but may be harsher on more delicate fish like anthias, etc.).. but you may want to move your fish to a separate qt tank, as i'm not sure any of your inverts will like the salinity shift very much..
make sure you have a decent way to measure salinity too, you should be aiming for around 1.009 with 1.012 being the highest, as around 1.010 is where the ich really start dying off. using a claibarated cheaper refractometer may be best, bc hydrometeres aren't too reliable. need to keep in for at least 2 weeks, as that is the approximate lifespan of the ich parasite. slowly drop salinity down over a day, bring up salinity even slower, over 2-3 days (for some reason bringing salinity back up seems tougher on fish than going down..).
do a search on google or wait until later in the evening, then search here on rc.. there should be alot of info (maybe check on the 'fish' forum here for a sticky?