It depends on what my purpose with the car was and how much it was. I've known people to buy salvaged titled cars and they've run them into the ground without issue.
For a dedicated track/race car -- at a great price -- I think it's the only way to go as long as the car checks out. You don't want a car that tracks funny or something like that if you're going to be putting it on the track.
Now if this was an expensive car (like the 07 335i I was looking at), so I would want a warranty (and wouldn't have it) then I say "no"