Yes its useful. But please add support to store the settings.
slackware (bsd like) stores ip address and gateway information in /etc/rc.d/rc.inet1.conf file and dns in /etc/resolv.conf
redhat (system v like) stores in /etc/sysconfig/network.
or you can also have it running in the startup script. so that you don't need to depend on the default configuration files.
just adding 'ifconfig eth0 subnet' etc. in /etc/rc.d/rc.local that would make life easy for u and us
But i don't know How to use VI to edit /etc/rc.d/rc.local ,
can someone help me?