Yes, for at least one person. I've been living happily without iconifying/hiding/minimizing windows for about 15 years now. I've been using the fvwm pager as workspaces. Works great.
While I'm at it, I'd like to note that getting rid of title bars works great too. Window movement, sizing etc works great using keyboard modifiers with mouse gestures. That's the way your god and uwm intended it.
Strictly speaking, workspaces aren't needed either. Before fvwm, I used vtwm. One big workspace with blindingly fast scrolling, even on crappy hardware with the complete lack of acceleration so prevalent back in the day. That said, I prefer pager-style workspaces. Best of both worlds.