I was thinking about trying this out http://www.aocwayfarer.com/ but was curious if anyone uses it, recommends it or something else.

I assume from what I have read is that this will import waypoints from a database of waypoints directly into game. Does this make life better ingame?

i use it, love it, and recommend everyone get it.

it's very
lightweight and simple. all it does is put little teal? (i'm
colorblind) dots on your maps just like the ones you have that mark
buildings and such or that get added to the map if you add a waypoint
yourself. if you mouseover one of the dots a little box comes up that
says what is in that spot (iron, silver, yew, ash, cotton, etc...)

what
this means is say you are specifically going after sandstone, rather
than run around hoping to happen accross sandstone you can run your
mouse over your map and look for "sandstone" to pop up, then trot on
over to the spot indecated on the map and gather away.

if you played WoW and used addons think "gatherer mod for AoC"