Even for illustrative work, where it can give you a good base, it still sucks, because for actual painters this step (thumbnailing) is actually the quickest; most of the time-consuming painting process is 'finishing', or 'detailing' the rough.
However, where it's great is in giving the ability to inexperienced people to paint well. The hard part of the painting is getting the lightning, color scheme, perspective right, but the finishing process is quite mechanical. So it could ease the outsourcing of some art assets creation.