I've got mixed feelings about that one... It caused havoc in the past (this feature was part of v1 viewers till and including v1.23, then removed from Snowglobe v1.4 and later viewers). You can see the cons for it and the reasons why it was removed (possible inventory loss, issue with HUDs, issue when restoring in another sim, etc) in
this JIRA issue.
Also, while the code is still there in the viewer (it's simply not activated), even in latest v3 viewers, it is unclear as to whether LL will keep the corresponding server side feature or not (since it's not used any more in their viewer) or replace it with a better version.
Phoenix reactivated the feature and also added a dialog for no-copy items (thus preventing most accidental inventory losses), but it still doesn't address the problems dealing with HUDs, never derezzed items (those items you got from someone else and can't know what is the last stored position in them), neither with the absence of a sim checking (the objects should only be restored in the very sim they where returned/derezzed from), all things that only a server-side change could solve...
If I were to reactivate this feature in the Cool VL Viewer, I guess I would go doing it only for items in the Lost and Found folder, and with a big warning dialog that would pop up, even for copy-ok items... I'll give it more thoughts before deciding, but any new pro or con argument is welcome.