I do this especially with people who I know will call me down with just a pot sized bet. A lot of people at lower stakes games, both on line and at b and m's just love calling pot sized bets chasing straight or flush draws, at least so far in my experience. If you feel that they would think a 2x pot bet would be a little too much to call, rather than just a pot sized bet, I think its a pretty good idea and I have seen quite a bit of success with it.

It does get expensive if they do call you and hit that magic card on the river, but as you said, this happens so infrequently compaired to how much they miss it, you can make a pretty good profit, either by making it just a little too expensive for them with this bet, or by having them played horrible strategy and paying you off out of 5 times.

I'm still learning though.