Seen a few guys do it, played with it a bit myself just to see what difference it makes, since the SCIENCE BEHIND IT doesn't support what is claimed about it.
No benefit. It's hype. In certain instances, it very likely can destabilize your arrow as much or worse than it could ever benefit the flight. I haven't found any well-founded science for why it actually would benefit, although I've found plenty that proves it would hurt your flight.
Honest opinion is that it's voodoo. If you believe that something gives you an edge, it can, even if it really doesn't. If you believe someone else something knows something you don't, it gives them an edge, even if they really don't.
Pin stripes win baseball games.