I don't know how successful it's been in the past, but It definately has the potential. I found my bike 8 months after it had been stolen while I was out riding myself. So it's completely possible.
Also, when dealing with bikes like the Peeler that Daver had flogged, they are very specific and easily spotted bikes. Being that a bike as serious as a Peeler (or any other niche sport bike) would only interest some one who's keen on riding the same places and styles as the rest of the community, there's a high chance that some one will come in contact with the bike on a trail or race meet. Alternatively, if you're diriving down the street and see a 13 year old or commuter riding something like a Peeler or such, it's going to grab your attention, even more so if you're aware of one recently being stolen.
I for one always check this forum and would gladly stop some one on the street and ask to check their bike and grab some ID.
Additionally, if thieves or their buyers (pawn shops are the bigguns here) are regularly confronted by people checking their stuff, they may be more reluctant to make a habbit of stealing/buying them.
