YES!
I cannot think of a better way to make a large amount of money tax free. It takes me a long time to pile up $50,000 from my day job, but you can do it every 2-3 years with your home.
I feel its is one of those situations where people are too afraid, too bothered by the inconvenience, or too busy to try this. Many young buyers don't want to do a dang thing to their house. They want a 100 year old home but with HGTV finishes. So I buy said 100 year old home, do my best to give it the best HGTV treatment and sell it to some young professionals.
Granted some of this is timing, I was buying houses starting in 2009, so yeah there was a bit of lucky timing. Still where the hell else can you keep all the profits?!
I cannot speak to those of you overseas.... YMMV