Well, most people would frown on me, but I do occasionally check one. Anytime I hear something weird and I can't figure out what's going on, I'll check to see if there's anything going on with the spectrum. For instance, I mixed out a song, and it kept sounding muddy and dark. Checked the spectrum analysis against a CD, and sure enough the highs were pretty low compared to the rest CD.
I wouldn't mix with one on though. And I sure wouldn't EQ while staring at it.