I've done this quite a bit w/ conditioners w/ a little slip (Suave Tropical Coconut and V05 Tea Therapy). I add a little olive or coconut oil to them anyway, so they work well as a leave-ins too.
I don't attempt this anymore-I always got dull, coated, rough feeling hair, whether the conditioner was a cheap drugstore type ( many different Suave & VO5 COs), a health food store type (AO Honeysuckle Rose), or one of these pricey curl-specific/BSS brands (Curls, Curl Junkie, Elucence).
I used to get away w this w much shorter hair, but now, Elucence is about the only rinse out I can leave in. Anything else gives my hair the dull finish and coated feeling that Jeamaria described.