I'd say so--with our posting regimen, Craigslist is driving about 6% of all visits to our site (behind just Google, type-it-in-direct traffic, and referrers from our group site). The analytics metrics are about in line with what Joe posted a while ago--lower pages per visit, higher bounce rate, but more new visitors--and that lines up with what I'd expect for traffic driven directly to the VDPs.
Edit: Probably worth clarifying that we're using a variation on eBizAutos' posting method, not V12 as the topic discusses.