I'm also in the closers are vastly overrated camp, but I've found the role does work well for this guy:
His durability is so low, he can't pitch that many innings anyway. I had him as a Setup A, along with a couple other guys, for a long time, until last season. At most he's lost only 6-7 innings. He can't pitch more than 50 or so innings anyway because his durability sucks so bad. And I have to admit it was kind of fun watching him rack up saves. Also, even with the durability problem aside, he's not my best relief pitcher, so I don't feel like he's being wasted by not coming into nonsave situations where you want your best guy on the mound. He needs the non-save situations to recuperate -- poor guy.
So I think it can make sense once in a while.