I was taught at advanced road/race training to take full advantage of the rear brake, if used properly it can add more stopping power and more importantly improved corner stability!
How?...simple, when you use or "drag" the rear brake by itself it makes the bike "squat"...you can check this by simply pushing the rear end of your own bike down (same principle)....now get a mate to measure two things for you...the distance between the axels and the hight of the engine sump or belly pan.
These two factors are actually changing the cornering manners of your ride, the lower hight means a slightly lower center of gravity and the longer wheel base helps add slightly more stability to the bike.
So "in theory", if you drag the rear brake just before you hit the front brakes, the bike will squat, lenghten & pre-compress the rear shock, hence be more stable and less prone to lifting the rear end, the theoretical pay off is the bike tends to be more stable and goes through less of a "dramatic" physical change when hitting the corner (As the rear shock is pre-compressed etc), the end result is more traction and stability as you enter the corner.
But as Drew and others have stated, in the real world it comes down to the type of bike and the riders own style of cornering.
As an example, I had a 900 ninja that loved to have the rear brake dragged, it made a huge difference in cornering stability and stopping power...yet my VFR400 race bike hated it! (just made it twitchy and step out), so I just used engine braking and clutch control on the 400, my current bike the Guzzi is fat bitch and needs as much help stopping as possible lol so I currently use the rear brake alot.
End of the day, it comes down to your own preference and what works for and your own bikes set up

...but the physic's are there to be tested, and the results may pay off.
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