Hey Larry,
...at least for the first 10 feet or so... Never tried it myself, but many who do swear by the technique for a very soft bottom...
Its lighter weight will avoid the problem with setting he describes, and with a wire rode in a soft bottom, an anchor will REALLY bury itself, the much thinner cross section of wire will slice through the mud like a knife through butter...
Not to mention, it will come back up a hell of a lot cleaner, or at least easier to clean, than chain will from a gooey bottom...
best regards,
Jon