This is an excellent suggestion. And, As Lenny says, you can exercise very precise control. I always used the burn/dodge tools until I learned this method along with the one given below.
You can also create a layer with the blending mode set to 'Soft Light' with 50% grey fill and do your burn/dodge on this layer. The advantage of this is that if you want to burn a bright area (say), you paint with black and the existing dark areas will not be affected, and vice versa. I also use a very low opacity for the brush. When you paint over an area repeatedly, the effect increases. I use this a lot.
--P
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