As Dick noted, it is the best way to handle short sections. I also prefer it over using front/rear chucks when working on flexible parts, such as shafts.
Heres why: imagine chucking up on the joint end of a
straight shaft in order to machine the joint face & threads. Before you tighten the rear chuck, rotate the spindle & check the ferrule end of the shaft. See how true it runs. If it runs dead true, you're good to go. But if it runs out - say 1/4" TIR for the sake of argument - due to collet misalignment, chuck irregularities or whatever...you can't simply tighten the rear chuck on the shaft to straighten it out. If you do, then yes, you'll have both ends now running true, but you will have introduced a temporary bend in the middle of the shaft. If you machine the joint then release the rear chuck, you'll still have your 1/4" TIR. If you assemble that shaft on a butt & rotate the butt - guess what? - the shaft will still have 1/4" TIR in relation to the butt.
An aside: if you rolled this shaft alone on your pool table, it would roll perfectly true because the shaft itself is straight. The problem lies with the joint face, which is not faced perfectly square with the axis of the shaft. Interestingly, too, is the fact that if you rolled the assembled cue on the table, it would look fairly good, too, due to the flexibility of the shaft & the weight of the cue. This is why it's better to sight along the length of a cue (like a rifle) to check straightness rather than rolling it on a table.
When I do the finish work on my shafts, I spin them on an adapter at 1750 rpm on a 1/4 hp motor. The shafts finished with the bearing/steadyrest setup run true enough that sometimes it's hard to tell if the motor is turned on. If I mounted a shaft with 1/4" TIR on the motor & turned it on without supporting it, the shaft would probably whip enough that it would break.
Am I making this clear?
When working on butt sections, I always use the F/R chucks. The butt is stiff enough that you can chuck up on it at each end without worrying about bending it.
Also, in answer to those who emailed me about using only 1 bearing instead of 2. Yes, you only need the larger bearing. When I was exploring this method for shaftwork, I had one of the smaller bearings on hand & that's what I started with. I have a whole series of smaller collets for different shaft diameters (Meucci, McDermott, Mali, etc) made up for the smaller bearing. When I saw how well it worked, I had to get the larger bearing to accomodate the larger butt diameters.
Sounds like Chris' collet/bearing offer is a quick & reasonable foot in the door for someone without the inclination to make their own tooling.