For:
http://www.bodybuilding.com/fun/southfacts_deerantlervelvet.htm
http://www.webmd.com/vitamins-supplements/ingredientmono-808-deer velvet.aspx?activeingredientid=808
I would be cynical in what the articles state from the links above; from the way deer velvet is described it is too good for it to be all true with no side affects.
"Deer velvet is used to boost strength and endurance, improve the way the immune system works, counter the effects of stress, and promote rapid recovery from illness. It is also used at the onset of winter to ward off infections." -WebMD
'In herbal combinations, deer velvet is used to improve athletic performance; to improve
eyesight and hearing; to
reduce stress; and to treat
arthritis...' -WebMD
"In addition, traditional medicine has used deer antler velvet to improve mental alertness and memory, boost immune system function, speed wound healing and
recovery, slow
aging, balance
iron levels, improve
libido in both sexes, and restore
joint health." -Bodybuilding.com
"No side-effects are known. It's not known if deer antler velvet interacts with other drugs. Some people may have allergies to deer antler velvet." -Bodybuilding.com
Opposed:
http://news.nationalgeographic.com/...-antler-spray-science-health-football-sports/
"Deer antler velvet is essentially a growth hormone called "insulin-like growth factor 1," or IGF-1."
"...many athletes take several times the recommended dosage, which can result in adverse effects, Mezitis said. For example, too much IGF-1 may cause tendons to become too tight and break or may disrupt how the body metabolizes fats and sugars."
Conclusion:
The article does not deny that deer velvet has been "linked to improving cartiliage damage in joints due to repetitive trauma" but that it has not been proven/approved yet by several organization and is an considered an unregulated supplement. Honestly to the right person it would probably be worth trying but I would check with someone with medical experience first.