I do it now on my runs if I don't have time to let a meal settle for an hour or two prior to the run. If I eat and then run without waiting I usually have trouble keeping food down. I keep the intensity lower than normal and just go a bit longer. On two occasions doing high intensity cardio on an empty stomach had me on the ground, unable to stand due to dizziness, nausea, and feeling like I'd pass out.
Personally, I don't think it's worth what little benefit it might have. It makes the exercise that much harder, which could discourage those who aren't used to it. If one is consistent with adequate exercise and eating habits it is unnecessary, and probably risky.