It can be very productive., especially at night. I bait quite a bit for coyotes and about 8 out of 10 will come to the carcass at night. Where I live, buzzards are numerous and they get the lions share but coyotes will come to the bones and smell that are left.
When possible, setup at least 100 yds from your bait with the wind in your favor. Trail cameras are a real asset to this style of hunting.