Sorta kinda. Most people just went with some variation on "software engineer," but I don't think anybody really inflated their title beyond what the norm would have been for their experience level.
Now that I've read what @noir_lord wrote about how it's helped a bit career-wise, I may go back and revise my title to "Code Slinger" or something. After all, given the policy, it's not like they can really call me on it. ;)