We've been doing it for several years now, with one of the groups I DM for.
The group was going to fold if I didn't step in to DM, but as I was already writing for another campaign, I didn't have the bandwidth to write for a second campaign. So, we agreed that I'd run pre-published adventures.
The original plan was to use the Adventure Path modules, although the campaign was set in the Forgotten Realms. But, it turned out we couldn't use Forge of Fury or Speaker in Dreams, because some of the players had already played them. So, we started with Sunless Citadel, then used some modules from Dungeon (including a very cool one, the name of which escapes me, dealing with magical portals in Cormyr). We played two of WotC's published Forgotten Realms modules (Pool of Radiance, Into the Dragon's Lair), we've played a couple of old 1E modules that'd been converted to 3E (White Plume Mountain, Steading of the Hill Giant Chief), we played an adventure from Necromancer Games' "Vampires and Liches."
It's been fun so far, though that's mostly due to the three great players I have in this group -- I think they'd have fun in just about anything.
The PCs are currently around 15th level; they're in the midst of the Hill Giant module. After that, we'll probably go back to the Adventure Path, with "Lord of the Iron Fortress." Once the party makes 20th level (probably in a year or so real-time; we only play about once a month), odds are we'll retire those PCs, and start over, maybe using the "Cauldron" Adventure Path mods from Dungeon.