I'm diagnosed with bipolar 2 and have been depressed more often than not for at least the last 10 years. SSRIs and SNRIs have had very limited effect on me, and I've also been put on some antipsychotics without that helping anything. Ketamine has had a rapid and dramatic effect. I was also addicted to opiates for about four years, and give ketamine a fair bit of credit for me being out of active addiction for about a year now (there have been some relapses but only one-day deals, some months since last time). It has to be stated that it's no magic bullet and you still have to work to get well.
I've gone to a clinic where I've had it administered both IV and IM, both seem equal in terms of relief. The treatments at the clinic are however way too expensive for me in the long run, so now I'm trying to continue on my own. At home I've tried both nasal and subcutaneous injections. Nasally it doesn't seem to be worthwhile therapeutically for me, but on a side note I do like it better that way for recreation. SC seem equal to IV and IM in my experience.
I get very noticable relief from depression and anhedonia. For me the antidepressant effect seems to last about two to three months before depression creeps back in.
To get the most out of it therapeutically it seems to me like binges or too frequent use is a no go, it needs to be single doses (preferrably hole level) spaced a week or more apart. This can be a problem if you're fond of the experience (I sure am), so either get only small amounts at a time or have someone more disciplined keep your stash and ration it.
How effective it is and what regimen that works best seems to vary a lot from person to person though.