I too have used this technique for many years as a way of quickly exposing the outputs of SPs for reporting - usually reporting that sits outside of the more structured MIS system.

One thing to note is that you might start to see lots of 'new' errors in the logs, along the lines of spid xx DBCC TRACEON 208, SPID XX

These can be suppressed by using trace flag 2505 - more info here : http://support.microsoft.com/kb/243352

Kev