Yes, good going forward from that position (decent dribbling, v. good weak-foot accuracy, playmaking abitlity).
I tend to use Valeron there, he's slightly better defensively than Nedved, and direct his attack arrows forward, while I set another DMF (e.g. Keane) to Covering defence, and attack arrows going across the pitch.
Others prefer Ballack in the DMF positon. Any one one of them are well suited to being the 'attacking' DMF, the one who takes the ball into attack, looking to release the OMF, SMF's or CF's.
In real life, I don't think he is really a DMF at all. More a great CMF who can play SMF and OMF as well.