I do, especially for areas that you really need to memorize, such as elements, rules, tests, etc.
Making them yourself forces you to reveiw and summarize the information in terms your professor uses and you understand. Also, you can make them for each chapter/section of the course as you go along, which makes the task less daunting. I make them on large, 4"6" cards, which are easier to read as I study them while driving. As I review them, I also think about information in the outline that I haven't included on the card that helps flesh out the topic.
Of course, they alone aren't enough. Once you know the flashcards, the key is to be able to apply that knowledge to facts/hypos to do the analysis. But I find them a great way to learn the R for an IRAC analysis.