I do it quite often during the Rut. Dawn to dusk in the same tree, only move if the wind changes. I started doing it about 7-10 years ago after I got to my stand at 12:30 when a huge buck comes by with a doe while I'm half way through my climb to the stand.
Last year was the first time that I've ever shot anything on an all-dayer. A nice nine pointer come by just after 2pm,(eight hours I was in the tree) and he was the only deer I'd seen all day.
One other time I'd sat like six all-dayers in a row (not the same tree all six days) when at 3:30 I got a shot and missed a huge buck. Really made me mad.
Its not unusual to see a different buck come by every couple hours when the rut is heating up.

Dan