Yes. This works. I am talking about expressive animations, creating feelings, body language, facial animation. A walk is simple and the first thing every animator will do. But a perfect walk is so complicated that many game developers use motion capture for that, because we all know how a human moves.

But anyway - the topic of this thread was: best tool to make simple animations. And a simple tool like MED, Milkshape or Fragmotion is indeed the best to make simple animations. It does not make sense to learn IK, spread-sheet tables and other tools just to do a simple walk.