In battle, not really. The time you spend using Role Play can be better spent doing something more useful, like setting up hazards or attacking. Role Play requires your opponent sporting an ability that is beneficial to you, which is relying too much on luck.
In-game though, it's one of the few ways for finding hidden abilities in hordes, like Skill Swap or Worry Seed. That's about it. Trace is superior for Friend Safari.
