I haven't had much luck with it, but I have used the Matrix view a time or two to work on arranging. I don't find it very easy though - I think it's more trouble than its worth.
A lot of times I'll record multiple takes of rhythm guitar, etc. I'll copy the measures of versions I like into my "real" tracks and then archive the original, unused tracks but generally leaving them where they are in the time line. This keeps them out of the way. I almost always have a folder for "Archives", and it will have tracks for guitars, bass, keys, vocals, etc. I can hide the folder in the console view and collapse it in the track view.