Gotta be super careful with this one. We did this at reddit and it bit us bad. The problem was as soon as the load on a machine went down it got pounded with new requests and the load shot up, but it takes a few seconds for the load number to react to all the new requests. So we saw really bad see-saw affect.
We had to add extra logic to mark how long a machine had beed at a certain load and also randomly send requests to slightly more loaded machines to keep things even.
The moral of the story here is make sure you pick a metric that reacts to the change in request rate as quickly as your request rate changes!