Yes, I do and while it is something that has to be explained, most of the sellers do grasp it after explanation. I find it a valuable tool, especially if you have a seller whose property 'hugs' between two price ranges.
Absorption rates are great for reports of for use in commercial or even when used for loan purposes, but it doesnt show you if you price the home at or just below market value it will sell quicker than if you over price it.
I do enjoy figuring absorption rates. I have used them to show sellers a little more information about their local market. Of course absorption rates are really only good for a short period of time. If you follow the data for several months you can get a better picture of the market. I have used them with buyers too so that they can realize that when the nightly news says we are in a buyer's market that might not be true for the neighborhood they are looking in.