I like it, but you have to be able to say the "H". It's used occasionally where I live (French-speaking area, for those unfamiliar), but always pronounced "Ugo". Waste of a good name, is what I say.Same with Hector. Always said as "Ector".
I love Hugo, it's so handsome. It's very uncommon where I live but it's still recognisable and easy to pronounce. I agree with this post about pronouncing the H, I know a Hugo whose name is pronounced Ugo (he's Colombian) and it isn't that pleasant a sound.