In one of my bands we are currently working on doing exactly that. We call our music "modern symphonic dark metal", and there are many elements on our recordings which we want to recreate live... synths, orchestral elements, industrial sound effects.
I joined that band on bass in march this year and AFAIK they have been practicing for years with the drummer getting the click and guide guitars on his ears; the main synth stuff was played by the keyboarder.
Two weeks ago we finally finished building our live rig for the backing tracks and since then are practicing with it to prepare for our first live gig this year with new lineup. The rig consists of a laptop with Cubase and M-Audio interface and gives us great flexibility.
The keyboarder still handles the main elements, but the sound effects and additional layers of synths/orchestral are on the backing tracks. All guitars, bass, drums and vocals are performed by us.
The drummer now not only gets the click and guide guitars, but also his triggered drums and overheads on his headphones and is totally independent from external monitoring.
Yes, you have to be tight and well-rehearsed to pull this off, but for us it is really worth it. With the backing tracks on the PA in our room and our drummer getting a perfect mix on his ears it really feels like playing WITHIN the CD recording.
We'll see in November how we can handle it on a real stage...
I'm sure it'll be a few gigs until we are totally accustomed to it, and maybe we will also invest into in-ear monitoring for the other bandmembers in the future... it would already be possible with our current interface.
If anyone is interested, we just finished recording three promo songs:
http://www.myspace.com/aeonsconfer