I’ve used it on plenty of my sites and it’s a great method.
Can be a bit of a pain to track clicks, although you can just watch the particular dir/file you’re redirecting from.
http://httpd.apache.org/docs/1.3/mod/mod_alias.html
http://sam.brown.tc/article/108/htaccess-redirect
http://www.google.com/search?q=redirects+with+.htaccess
Hope it helps.