Yup! For knit/purl patterns, especially on the straights, I love it. Unfortunately, I get confused trying to adapt patterns that call for lots of directional decreases (i.e. lace) so I switch to 'regular' continental for those.
Grumperina has a great table of stitch adjustments at http://grumperina.com/table.htm
and there's more information on Annie Modesitt's site at http://www.anniemodesitt.com/decrease.html
I've ordered her book. Can't wait for it to come.