It definitely has advantages. Heading down a small hill that goes slightly up hill you can coast down, gain speed, level out at top and then go back into gear (Or just slowly let out the clutch and match rpms).
I've started coasting a LOT more as I come to stops, cover large distances when approaching traffic and in situations where it makes no sense to be engine braking and what have you.
This has saved me some good gas mileage
So to answer the originating question:
YES