I have done it a few times on request from other players. The advantage is, it reduce your variance, and in one case I also did not mind to end my session rather than continuing, what could have been a lengthy heads-up match for 30$, since we each had more than 60BB.
Obviously you should not make a deal, if you think, you are significantly better than the other players. At least not if the deal is ICM-determined and not negotiable. Negotiating deals is another subject all together but probably not relevant for micro limit players.