Hunter and I have done it, and yes, I do think it's effective. We used the "build a fire and hang clothes downwind" method as well. One thing I plan to do differently this year is to cut the length of time down. I would say most of the time I left them in the smoke for 30 minutes or so, and it probably alerted a couple of deer that a lesser time might not have. I'm thinking 5-10 minutes max this time around. We both noticed, however, that even when deer clearly did notice the smell that they very seldom spooked.
NWBuck