It most certainly is! I'm at Rugby with Freightliner (Heavyhaul) and the main part of our work is the aggregates traffic out of Bardon Hill and Cliffe Hill (aka Stud farm) quarries. Nearly all of it goes down the branch towards Leicester but occasionally diversions via Burton / Stenson Junction / Water Orton are neccessary.
There's been talk of running passengers along the branch for some time but the line will need some seriously expensive upgrading to allow it to happen, or even to make it worthwhile in the long run. The single line section from Knighton Junction to Bagworth Junction is a major fly in the ointment for starters, as is a local councillor who lives right next to Kirby Muxloe Crossing who doesn't want anything to run on the branch at all, let alone passenger trains (which his tax paying public transport loving neighbours do, so I'm led to believe...).
On a good night we usually have four or five booked trains out of the quarries, destined for Harlow Mill, Westbury, Angerstein Wharf, Bow and Thorney Mill. There's also some workings by EWS / DBS / whatever they're called this week!
Most nights, to run round at Bardon Hill before departing down the branch, we have to take the loco up to Coalville and Mantle Lane, crossover and come back.
Nidge