Why not. I think (never tested) its like any other attack but lose durability more rapidly.
Other way to avoid repairing is to use self-repair weapon.
My impaler (lvl27 impale) did some nice damage with eth self-repair
spear, i think damage was about 3.5k-10k.
It has its uses in pvm against creatures that are relatively slow in movement or are enchanted in a certain way. MLSE creatures for instance are very good to use impale on since you will do high damage to it and release a lot less of the lightning bolts than if you would use jab or fend. You can make a viable pvm impalazon where it is your main skill (this was very much possible in previous versions too), but you have to adjust your play style to crowd controle and sneak attacks, since impale does not allow you to tank very well.