The only time released supplements I take are melatonin for sleep. I actually take both. I generally only take the time released when I know I'll want to get a lot of rest. I've found that it does seem to sleep a longer time.
I think it depends on whether you eat much food or not. Taking vitamins with food will naturally slow their absorption and also not upset your stomach as much, and I have no idea what kind of glue or whatever they use to make them time released. If you barely eat anything, it seems like it would be beneficial as long as they don't use something in it that is bad for you.