Yup, I sure do. I want to bring this up to the top, because it really is helpful for those of us whose KNEES HURT!
I do it regularly (2wce a week, followed by .5 miles of laps), and it helps.
However, it varies from instructor to instructor. We had a fill-in instructor last week, as our regular instructor took a vacation. The young lady had us using our water dumbbells out of the water and over our head (why?), and she only did a few exercises over and over (10, 8, 6, 4, 2 times doing jumping jacks). Not that I dislike jumping jacks in water, but there are so many other interestng things to do, and there are so many different things you can do with water dumbbells during the jumping jacks.
So find someone whose program you like, and work out reguarly!