Yes and No. It really depends on the horse- for some horses, you're completely right. For others however, like my horse who would rush and run and get really stiff/quit listening, but who is essentially a lazy guy, it worked like a charm. It only took about three times of making him keep running past when he wanted to stop that he realized running really wasn't as fun as he thought and he would MUCH rather listen and stop when I asked him quietly than keep running about until he was tired and winded. You have to have the right horse and be a decent enough rider to be comfortable cantering or galloping a horse about for a while to work it though.
I've met a couple TBs and Arabians who are happy to run forever though, so choose your horses well. (Or be ready to be out there a while) :)