All it does is hurt usability.
Googlng for "* at * dot *" clearly shows lots of matches. It also matches all of the following variants, due to google searches ignoring brackets and such in words:
- foo at bar dot com
- foo [at] bar [dot] com
- foo (at) bar (dot) com
- ... etc ...
Seems like this effort only serves to have people fool themselves as well as to impede usability. It certainly won't protect you from spam. Why is this method used?