I've done it twice, hard to say if it was really worth it, both were older homes and had so many leaks it was hard to make a drastic improvement. You have to be careful and consider the entire homes insulation as a system, Adding a layer of rigid to the exterior and taping it all up can create a moisture trap inside the walls as you are changing the way they breathe, particularly on an older home with substandard vapour barrier.
I would also say it is only worth it if you can add 1.5-2", which can create a lot more work around openings. If you are just adding a thin layer it's pretty pointless as far as work/reward. A good layer of house wrap will cut down on the effect of wind but not seal the walls up trapping moisture.
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