I do that all the time. Usually my cut-offs are: 3rd @ 60 mph, and 2nd @ 40 mph. Yes, the needle jumps to 4000+ rpms, but with the Civic it doesn't seem to hurt it as much as it would in a "rougher" revving engine. Sometimes I rev the engine trying to match the revs to the speed, so there is no "slipping" in the clutch. I am getting better at it, but that doesn't save fuel unless you then let the car roll for a long distance in said gear compensating for the "wasted" gas. But if you get it right... boy oh boy does it feel nice. No automatic can ever be as smooth and efficient - car and driver in perfect harmony - it's what I love about manual transmissions.
So, yes, it hurts the clutch, but probably not as much if you are a) smooth about it and b) relatively quick to engage that lower gear.
I have over 30,000 miles on my 07 Civic sedan - so I will let you guys know if this behavior will cost me a pretty penny later on in the life of the car.
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