Not really, unless "done right" is for like a 2000 line function or something.
If code is running once in order, there's no reason to break it up into functions and take it out of execution order. That's just stupid.
Martin Fowler, in his book "Refactoring" outlines circumstances were you can leave bad code alone.
Basically if it works and you don't have to touch it to change it, leave it alone.
ok, so you're talking about overdoing it. It's still a good approach when done right.