It works ok, things get a little more sluggish (startup and search times) but calibre doesn't become "flaky" as such. As theducks says, complex custom columns will be slow as will the tag browser when open, and there are other operations in calibre that are either intentionally throttled (like metadata download) or arguably "should" be (in that they would be stupid to do against 15000 books at once without expecting various issues).
My personal advice (if you need to add metadata, do conversions, resolve duplicates, yada yada) with that many books is to just slowly add books to your library starting with the ones you are most wanting to read and clean as you go. That way calibre will remain quick while you are are doing all the heavy lifting cleanup work and is much more manageable. You will also learn over time about how you personally want to organise your library, naming/tagging conventions, plugins, conversion preferences etc that will be much less intimidating to change your mind about with a smaller sample to work with. After all it is not as if you are going to read them all this year... or the next 10...
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