I think almost all of us have done it. We talk about it all the time. Here's a few threads that talk about it:
It works really well, as long as your recipe either calls for the late addition, or you adjust your bittering hops a bit due to the better hops utilization of the lower SG wort.
The first time I did it, I didn't have any brewing software, and it was kind of "new". I remember thinking- wow, this Dead Guy Clone is twice as bitter as the last one. Sure enough, when I ran the numbers later through my brewing software, the recipe went from 15 IBUs to 30! It's less dramatic in more highly hopped beers, but it was very noticeable in that beer! So, either use some brewing software or just reduce the bittering hops addition approx 25%.