Yep I wear it while I ride. I don't even know it's there to be honest. It's very well made and comfortable. As I said, I don't like your chances of wearing knee pads over the top however it's quite padded anyway and is ok for adding some comfort when kneeling one the hard pack/ small impacts but I wouldn't rely on it as padding for large impacts.
Personally I don't believe neoprene/soft knee "braces" do anything at all to support your knee. There's not enough compression there to help with anything. Maybe if you suffer from instability in the patella they might hold things together a touch. If you have instability in your ligaments forget about it - a hinged brace like the one I suggested is the only thing that will seriously help out.
It's the same as compression pants/shirts people bang on about. They do literally fuck all apart from sucking the funds out of your bank account. I'm sure people will disagree with that statement, but I bet those people are the ones wearing them trying to justify their well spent $.