I did a IT band release. I'd recommend it if your IT bands are already tight. My IT bands were the only things tight on my legs and from what I heard from the PTs, the IT band is the only thing that is nearly impossible to stretch. I had no problems stretching my muscles, but I can feel my IT bands now after 8 cm of lengthening, that they are tight again. From my research into other people's diaries, it appears that the ones who did not get an IT band release were less likely to get to the full 8 cm or had more problems once they got to 8 cm. I had no problems getting to 8 cm. My legs probably allowed me to get to 9 or even 10 cm if the rods inside me allowed it. I never had an issue with my IT bands throughout my PT sessions. They were so loose that none of the PTs even bothered working on them. So I'd recommend it.
Dr. Paley said that there's no long term effects. He said that after looking at the IT bands after release and healing, he could not tell the difference between a released one and an non-released one. I have no reason to not believe him, because I don't feel any different in my IT bands right now. Now I wish there was a release for hip flexors and ham strings, because those are the things that limit me the most right now. But if money isn't an issue, I'd recommend getting it as it becomes one less thing to worry about getting too tight on you. Prices from Paley: If you get it while doing LL, it's $5,000 extra. I heard that it was $20,000 if you get it after LL. So I really see no cons to it except for the money loss and the extra scars on the side of your legs.