That is a common justification, as is the argument that you don't want to push the constant off to the far right of the screen with a long-winded expression. The latter argument has never sounded particularly convincing to me, and the former isn't really valid these days, since any self-respecting compiler will issue warnings (you do compile with warnings-as-errors, don't you? :-).
EDIT: I just came across the new Xcode 4 preview, and just look at the example they chose to exemplify their new "Fix-it" feature!
(source: apple.com)