Cheddar Stacker,
I'd agree that over all, it's a Meh deal, but without knowing OP's situation, I couldn't exclude it for the already mentioned cashflow reason. In addition, I didn't mention it, but recasting can allow you to increase the proportion of principal because you can dedicate the original payment money to principal. I'll have to look back, but I think I learned about that from an MMM article.
gatorNic,
It's funny, my student loan does the same thing as my mortgage, reducing the timeline, not the payment. It sounds like the amount you're paying per month is your concern, right now. Is refinancing an option for you? Is your mortgage or your SL a worse interest rate? There are probably some other options you hadn't considered.