This is my experience:
I never liked the code the GUI builder generated. At least, it's not like in the VB world that everyone (well, almost) will use the same IDE for building apps. In Java, people use several IDEs, and some use VIM and Notepad too. And all IDEs don't generate the same kind of code. And another problem is, they don't usually understand the code generated by other IDEs. So to answer your 1st question, I don't recommend.
Your next question: Which builder is better? The last time I used, Netbeans was better than most of them I tried.
If you must use a GUI builder because you need to develop applications faster, then make sure all of your team members are using the same builder. It's better to get their opinion on this, otherwise their eyes are gonna get hurt by the IDE generated source code.
Let us know your decision!