This technique is used extensively on Win32 platforms to avoid the overhead of address relocation of system DLLs by the loader.
Some security extensions to Linux/x86 use rebasing to force the use of code addresses below 0x00ffffff in order to introduce a 0x00 byte into all code pointers; this eliminates a certain class of buffer overflow security problems related to improper checking of zero terminated strings, common in the C programming language.