Preventing attacks? No. But, I use honeypots within my networks as monitoring and alert tools and one on the Internet for research.
Internal honeypots are low-cost and easy to maintain and they supplement the other monitoring tools I have in place. If there is a hole in my monitoring or someone has circumvented my efforts, the honeypot exists as a passive indicator of unauthorized activity. It also serves as a 'high-water mark' for potential intrusions. If there is an incident, but the honeypot is not touched, I can make some assumptions as to the extent of the breach. If the honeypot is touched at all, then I know to escalate the incident immediately. With an internal honeypot, there are no 'false-positives'.
External honeypots are very useful for research. I get to see what hackers do, watch trends and techniques and learn up-to-date hacking methods. I find them more educational than any class I have taken. In addition, there are rare cases when I have been able to personally identify a hacker and make a 'proactive' response.
I like Kippo because it offers high interactivity and allows me to replay the attack keystroke by keystroke, which is more informative than I thought it would be. It is easy to extend and customize. It also provides high entertainment value watching new hackers get taunted by the software.