absolutely.

i have a lot of miles and maybe a dozen centuries (one w/8k climb) on my 46x16 steel fixed gear, not a mile on a velodrome, and i'm not much for training specifics. but i can say that if you ride one a bunch, i promise you will be much better for it.

physical benefits for me were increased power (esp. seated climbing) and fluidity...strong and smooth. style changes too though, even geared...no coasting, spin more (momentum rules! attack the hills!) i now have no patience for my group ride roadies who coast into the hills and immediately drop chainrings. only thing i miss about coasting on a long ride is the ability to really stretch the legs.