Haven't turned on Federation yet, but my Bonfire instance is looking good. My second install of Bonfire. I can tell you two things: Installation was much easier this time, and performance is much better.
One note, Bonfire recommends a hungry 8 GB of memory to run, but with that amount, it runs nicely so far. I'll keep you updated, hoping to turn federation on by next weekend. (This will be an invite only instance for brave individuals that want to assist with testing)