Dennis, generally speaking, these types of cutters aren't used for large depth of cuts, but rather for their reach in width. So yes, surfacing is their strong point. I would point out however, that you must be particular about the perpendicularity of your spindle to the table. A flycutter can create a dished trough if it is run out of square. It's pretty easy to tell though. If the trailing edge of the cut still removes material, it is out of square. If it doesn't touch at all, obviously it isn't square then, and if you reverse the direction of your cut and chances are the trailing edge will cut then. If you see a moire pattern lightly in the surface, you probably have it pretty close.
ksastronomer, that is a nice writeup, and I thank you for posting it. One thing I noticed though is that you mentioned as an alternative to grinding the tool, you could have filed it. If you are using any tool steel hard enough to cut, you won't be able to file it, as it is as hard or harder than the file itself.
I noticed that it was brought up that a small radius will improve the finish of a flycut, and that is very true. And that the tool will hold up better. About the only think I don't like about them other than the dishing I mentioned is the hammering on the spindle that can happen if you run the cutter large enough to get off the sides of the material, which you really should do.