I've done it before, though not on a valuable save file. I also showed a friend how to do it, and shortly after, his game started to go haywire. From what I've figured out after the fact, a number of people have had similar things happen to their Blue games at random (can't load text, freezes at new game Oak picture with Gastly cry and weird noises, etc.), so maybe it was just unfortunate timing, but the fact that the game started having problems right after the Mew glitch discouraged me from doing it lots on cartridges (though emulators are a different story).
It was a rather remarkable glitch, though, and great for finishing off the Pokedex in true completionist style. Overall, I'm still amazed (though perhaps not surprised) by just how glitchy the original games are, and how many interesting things you can do by exploiting weaknesses in the code.