I've only ever used it when I'm clsoing a recordset and setting the variable to nothing. I figure one line instead of two gives me more lines of code on the screen and doesn't detract from readability.
I've seen it used in simple select cases such as the following but that would be as far as I would go.
Select Case success
Case ERROR_FILE_NO_ASSOCIATION: msg = "no association"
Case ERROR_FILE_NOT_FOUND: msg = "file not found"
Case ERROR_PATH_NOT_FOUND: msg = "path not found"
Case ERROR_BAD_FORMAT: msg = "bad format"
from http://vbnet.mvps.org/index.html?code/system/findexecutable.htm
And even then I would've lined up the "msg =" portion.