I think it is effective. There were many times when I let a lot of email pile up in my inbox. Now, I very deliberately go through my email and respond to everything ASAP; everything that I can't do immediately gets filed away in a TODO list so I don't forget it. My inbox is thus ALWAYS empty. I don't know why but that makes me happy. It also makes other people happy because they are getting their responses faster. And, I get more done because having a list of "the next thing I need to do" makes me want to do things to get them off the list.
The other thing I found to be helpful is to schedule all my distractions. Now, I have a reminder that tells me "hey, check your email" and even "hey, check your feed reader." This seems silly, but it is really helpful; I know that I will get the "check your feed reader" reminder soon, so I just keep working until it comes. Sometimes, I get annoyed and refuse (!) to check my email because I'm busy; in fact, I had started with scheduling them hourly but I am slowly reducing it down to three times per day. As a result, I check my email and weblogs WAY less frequently than I did before (even with an hourly reminder), because before I would check my email basically in between each item on my TODO list or even in the middle of something.