i used to do this on my alesis on steve db's advice.
at that time i was using m1 mk2 in an untreated room. the m1 is well known for having a heavy bottom end which resulted in my mixes being quite light lower down. basically stuffing the sub ports took a lot of bass out of what i was hearing which in turn forced me to push the bass harder, resulting in a more realistic mix.. so its not actually a myth :)
Thats the usual case ive heard for it. It deppends on the mons and the room acoustics on whether its a good idea to do.