I use that quite a lot, Priya. Often the method that causes the exception can't add anything meaningful and even logging is pointless; so I let it bubble up to the first methods that has some clue about what is going on (and it stops the log file getting cluttered with every method in the stack logging the same exception again and again and again... ...I hate that).
And roll on Java 7 where we can catch multiple Exceptions in the one block!
Jesper gives a great example about what I meant with no catch block. There's no point in catching in unless you can do something about it, log some pertinent information that will not be in the exception, or wish to wrap the exception as the one caught is not discrete enough.
As for multiple exceptions in one catch block, it saves having to write the same logging/handling code multiple times (or placing in a method somewhere). Sometimes the way different exceptions are handled happens to be the same.