Yep, I think it sounds great... adds a nice accent to the note. Used sparingly, it can be really nice. I think you'd have to do it loads to cause any undue wear on the frets. Weirdly, it sounds much more pronounced on some basses than others.
I'd like to be able to develop my technique to do those quick bends during faster parts, a mixture between bending and kind of shaking your fretting hand. Easier and sounds great on fretless.