True, it can be quite effective when not abused. I like using it on bass and 808's to make them a tad more prominent on smaller speakers. It kinda replicates a triangular wave, giving bass some harmonic frequencies.
I have a moog sine wav multi-sample that was taken straight from the modular 1p, and I run it through a tube amp sim with the drive boosted about halfway. It really adds that presence you want in your bass and just makes it growl in an awesome way.
I tend to then run other stuff like rhodes and guitar through that same or similar tube amp and drive setting. Even adding a little bit to instruments that you want clean, can just dirty it up a tad, where its still clean/undistorted, but just doesnt sound so polished and sterile, and really helps.
Soundtoys devil-loc is pretty good too. Although I have the free version, it really only works well with certain instruments and/or frequencies.
I like using logics guitar amp as well or better yet guitar rig.
I think guitar rig is really a secret weapon in some producers toolbox.