Not really. Have been doing it for 15 years worked with Fortune100 and small clients and government. The last 5 years after I was head of my own company, we have started to advice against using it.
And to great success might I add. We have turned the process around and am now advising our clients to save those money for later after the product has launched.
We have had no more problems than we used to and now we have budget to fix it where it matters instead of having to have the client find even more money.
The problem is that giving it the appropriate weight still doesn't solve the problem of transcendence between findings, decisions and design. So the problem is with the entire process rather than people or data.
Usability testing is concerned with improving usability and obviously if your usability doesn't make it useless then you are in better shape than if not.
But there is quite a range from completely useless to useful to best UI you can ever imagine.
And to most clients it really isn't before they launch that they will get the feedback that matters.
And as I have said repeatedly. Improving usability isn't in itself improving your product in any shape or form that makes it more or less successful. Yes if you make it useless then obviously it matters. But no one worth their pay does that.
So instead. Get good designers who both can do UX and the visual side and you wont need to plaster it up with in most cases useless time that could be spend improving the actual product rather than some pre-state of it.