Has anyone used/implemented NetSuite Planning and Budget recently? Any feedback on the connectivity or functionality?

yes - they have something that they call native integration but it's not really - it's an integration that mainly uses saved searches to export information to PB the software itself is quite good and mature but has actually nothing to do with NetSuite - it's a totally different world

Thanks Milcho! Would you say this is a solution that requires a full-time administrator or is capable to be managed as part of someone's regular job?

I don't think a full-time administrator is needed for that - definitely.