I've seen more of it commercially but I was on a house tour and it had a reveal all along the floor and instead of millwork around the doors. The large F-R was used at the floor and then baseboard was installed underneath it so there was a reveal around 4" above the floor and 4" away from each door opening.

The thing that I would say about doing such a reveal is that everything has to be flat or appear very flat since a narrow difference is easily discerned by eye. I did a 1" reveal at the floor level with some millwork so the panels "floated" above the floor and the bottom had to be cut to maintain a consistent reveal, but also to look straight and flat.

If you are doing it yourself, you can spend time on it, but to have contractors do it is a pricey detail.

They also make a ceiling reveal that you can use to hang pictures hooks from.

My plans have been changing. I saw a picture of a reveal all
around the perimeter of the ceiling and that sold me. So, I'm
planning to do that rather than a crown molding. I am back
thinking about doing a reveal along the baseboard as well.
I'm putting the floor down first and the baseboard will be
flush with the wall with a 3/4" reveal.

I don't think I'm adding too much complexity over standard
baseboard and crown molding. The aluminum reveal allows the
drywall to be put up with fairly sloppy precision. Also, there
will be no need to finish the wall-ceiling corner. That is
replaced with just flat tape along the junction of the
aluminum and ceiling drywall.

Here's a link to an old thread in Kitchens with some great pictures of the moldings in use. It's cool stuff!

Here is a link that might be useful: Thread