Yes, it works very well; however, I've found that it really isn't for me. From what I can tell, most that neck size do it for the added accuracy and case life. There are some drawbacks though.
From what I've seen, you can only neck size so many times before you have to do a full length size. After so many firings, you're going to notice that the bolt gets a little hard to close and a bit sticky upon opening. How many firings you can get through before having to full length size depends on how hot your loads are. The hotter they are, the more often you will need to full length size.
I have an after market barrel on my rifle with a really tight chamber. All I do is just full length size for every loading to guarantee that I'm not going to have a problem in the middle of a timed match. I did, however, setup my full length sizer using a chamber gauge so that I'm only sizing enough to bump my shoulder back a couple of thousandths. When I size, I'm working the brass as little as possible. Just take note that in some cases, you can't just follow the instructions that came with your dies. For example, if you are using Lee dies and set up the full length sizing die according to the instructions, odds are that you are over sizing your brass by a lot and are probably creating excessive headspace.
Sizing the way that I do, I have Winchester brass that has a dozen loads on them and they still look good at the base.
If you're shooting bench rest and are chasing .1" groups and lower, neck sizing may be for you. All I'm looking for a 1/2 MOA accuracy, which is plenty good enough for what I do.