Can snapshot-based releases be useful? 
It depends on the reason you're proposing a project:
- if it's for hobby purposes, there's certainly no problem. Any bug will be tolerated (both in terms of quality and time to fix it), and a temporary fix can be found, even if it's not perfect.
- if, on the other hand, you're doing it for work, there can be no tolerance for bugs that "come and go": if you have several clients who work with your application and earn money, they'll certainly not be happy with any instability between software updates.
This is why there's such a high demand for STABLE versions. It's believed that these versions can maintain stability (especially compatibility) through any updates or patches.