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Yes, I've used it quite a bit. Normally you would set your base cost to equal your largest bandwidth, if you're using 10 gig that would be your base capacity unless you also port channel them.
The only problem I've seen has been you can overflow the OSPF cost metric when you mix very high speed LAN bandwidths with low WAN bandwidth. For example, if you set your autocost to use 10 gig as the base, OSPF might cost a full T1 and fractional T1 the same. (NB: sort of the opposite of before you change autocost, 100 Mbps, gig and 10 gig all cost the same.)
