Yup! Release early, release often. Linux (kernel), Gnome, Ubuntu, Firefox, and Chrome (and lots more) are all on scheduled updates.

Edit: The advantage to rapid releases is that you can roll out minor updates when they're ready without having to wait for big ones, and you don't have to rush big ones for a deadline. If you miss one release, it's no a big deal because there's another one coming right up. Release when it's ready!