I've done it, many times. Here's four that were received well in Nashville:

http://www.itrstudio.com/deana.mp3 - all BIAB and harmonizer on vocal.

http://www.itrstudio.com/angie.mp3 - real lead guitar and real harmonies.

http://www.itrstudio.com/rodney.mp3 - all BIAB and real lead guitars.

http://www.itrstudio.com/distance.mp3 - real fiddles and real harmonies

The first three songs were done before the BIAB "Real" stuff was available.