The ONLY time that I would do that is if a person keeps calling and hanging up...ie, a harassing type situation. And yes, I have done reverse look-up a few times out of curiosity, but I sure wouldn't call them. I figure if someone wants me to call back they will leave a message. Even if it's someone I know, I won't call them back. I'll figure that someone I know doesn't leave a message because it's something that's time sensitive and they want to talk to me if I'm home and nevermind if I'm not home. Or they'll call back later.
Sometimes I'll be on a call that I can't interrupt--maybe I'm talking to a dr or on a long distance call, etc, and someone else calls (we have call waiting). If it's someone I know, I will often call that person back as soon as I get off the phone and apologize for not picking up when they called. I don't always do that, though since they can always call back.