Yes, using a drum machine with trigger out is definitely sweet. For anyone who isn't familiar, I've got a video demonstrating this process, too:
The only downside with the trigger out of drum machines is that the polarity of the pulse is often wrong. My 707, for example, uses a V-trig (ie, an upward going pulse) whereas my arpeggiator trigger on my Polysix and Mono/Poly expect an S-trig (ie, a downward going pulse).
At best, this makes the synths trigger a little behind the beat. At worst, the synth won't Arp at all.
If you hack a V-trig to S-trig adapter (which is just one transistor), you fix this problem and the drum machine trigger rules!
Chip