I had read about this in an auto insurance newsletter a while back, and gave it a try. It took some getting used to, but now I can't stand to not have my mirrors set up this way. The "blind spot" is practically eliminated.

In the first article listed below, there are two items you should be sure to note. First is the comment about proper adjustment of the passenger side mirror; second is the caveat about SUVs, trucks, etc.
http://www.nasoceana.navy.mil/Safety/Home%20Page/SideMirrorAdjustment.htm
http://rota-www.med.navy.mil/safety/Safety_Topics1/English/mirrors_a_new_prespective.htm
http://www.seniordrivers.org/Preparation/mirrorsw.cfm
http://www.securitydriver.com/aic/stories/article-101.html
http://www.securityworld.com/library/automotive/blindzone.html
http://www.shedrives.com/scholar.asp?Loc=RS&scholar=2300