Well....
It doesn't "bounce" them.
If it's never received an email from you before, it will refuse emails with a temporary error. The sending server will try again later. The second time, it will let the message(s) through.
The question is how much later. This makes a difference to me, because, for example, if you have a server down, and decide to write me for help, I don't want email from you to be delayed an hour.
I like to get email immediately.
So I won't use greylisting. But that's just me.
Jeff