I am a fan of IRV too.
Concorcet systems always favor the most centrist candidate regardless of how actually popular that candidate is. I don't think you should get extra points for sitting in the middle even though nobody actually wanted you in the first place.
The only problem I have with a Condorcet method is that it might accidentally elect a candidate because people will bury the guy they hate most with guys they don't know. I don't know how it would work in regular elections. I think it would be the best option for private organizations or for the House to elect the Speaker of the House, or for a parliament to elect a prime minister. Condorcet methods can be really useful for when the electorate knows the candidates.
Any time a candidate can get more votes than another candidate in a head to head contest, that candidate should always win. Otherwise, you are screwing over the majority of the voters. This is the problem that Condorcet methods solve. Condorcet methods also elect candidates in the center of the voters – not the center of Washington or even the center of the all the candidates running. It is the real center.
My issue with simple Approval voting is the later no harm criterion just mentioned by lpetrich. The only way I can boost my most favorite candidate over those I find only tolerable is to only approve of her and her alone. This soon degenerates into FPTP if enough people start thinking this way.
I think a bigger problem is that under IRV it is not even safe to vote for your favorite. In fact, under IRV, it actually isn't even safe to vote for your second favorite – it is just that voting for your second favorite can't hurt your first choice. It doesn't mean that voting for your second favorite can't help your least favorite get elected.
The thing I like about approval voting is that it makes it much easier to vote on issues even if you don't follow politics. If you only care about legalizing pot, you can vote for all the candidates endorsed by the Citizens for Legalizing Pot. If you also care about net neutrality, just vote for all the candidates mutually endorsed by Citizens for Net Neutrality and Citizens for Legalizing Pot.
The big advocacy groups can be really effective. They can deliver large amounts of votes to candidates who pay attention to their issues. In such a competitive environment, candidates would have to pay attention to all the important issues.