Yes, I've used it for years. However I recently found out while duelling a friend (& trying to get them to time their spells to fizzle mine) that not all mouses have a noticeable ridge or click when rolled, which makes it pretty much impossible to time anything successfully. I've never had this problem myself.
On the UOA keys page there is also a macro for Erase Target Que, which does what it says on the tin, I've never felt the need to use that either, my mouse has noticeable clicks and I rarely over roll, but even in doubt I can just target myself with a lesser heal and its cleared.
Though I do have it combined (via the Pass To UO box checked and macrod to the same key) with my All Kill macro on Tamers. The reason being if for example you died trying to heal yourself, got res'd and needed to kill something that had just flagged on you it clears the left over que from the attempted heal before the All Kill command and prevents you from res killing yourself with your own pet. On non tamers I have it on Alt & I as the first thing I usually do when I get res'd (other than Arming/Dressing) is open my backpack, this was because I have spells on letter keys for duelling but if someone asks me something in guild chat for example and I went to reply I wouldn't hit myself by accident. (Happened once!

and never again since.)
It has the upsides of letting you target before or after the cursor comes up, if done before it makes you marginally quicker, but if you don't have a mouse with noticeable clicks (and aren't getting one) and don't want an extra macro just for Erase Que, then you're probably better off without it. It can also take a while to get used to it, and once you're used to it pretty hard to get unused to it again. (Not that thats an issue with ways of backing up UOA files. Just at rare times like beta etc...)