Maybe not for general-purpose computing. I've used it for on-the-fly code generation (hacking display rotation into the Windows 3x BitBlt engine) and programming special-purpose media accelerators. In both cases you end up creating a bunch of convenience #defines or macros that generate the bits, which immediately takes you back into tiny language territory rather than pure machine code. The relative ease of creating new programmable hardware in FPGAs is another place this might occur.
