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I have never tried it but it's another way of advertising and you can't go wrong with it really. The more advertisements you get out there the better in my opinion, as long as you don't go over the top of course.
Some forums will edit your avatar if it's too promotional or mentions your site name. With that being said, I've never used a promotional avatar, but have seen others. And, it's very annoying having to look at that. I don't like it when someone has a promotional avatar on my forum and I can see why other forum owners wouldn't like it either.