Old school!
Yeah, this. I mean, as long as you're playing in a setting where the genders are treated equally, which covers the majority of fantasy settings, there's little point, since no character concept requires a particular sex.
If it's got no creepy factor attached to it, then I'm okay with it. Sadly, my experience is that males playing females often has the creepy factor going on. That doesn't seem to be true of females playing males, though (again, purely anecdotal and in my experience.)