From my personal experience C172's arn't particularly good at side slipping. At the end of the day, there is nothing like a beautiful approach. I'd rather reposition, go-around and try again if i were too high. Failing that, cut all power full flaps, 172's soon come down like a stone :P
PA28's on the other hand, are great at sideslipping!!
Its a good skill to practice and know just like stalling and PFL's but i wouldnt want to ever really have to use them for real.
Would mean somewhere along the line, i cocked up...and cocking up i just can't handle!