We were taught it as an option in the 744. Tradeoff is that you have to decelerate to 270/.82 if at high altitude cruise, where you can start down immediately without gear down. Also, descending at limit speed with speedbrakes extended will get you down just about as fast.
I've tried it both ways in the sim, and it's easier to leave the gear up. I think the only reason to bring the gear down is for a "land ASAP" emergency with excess fuel on board.