No, really - this makes an adequate stitch marker when no alternative presents itself. I was forced into it one day when I had absolutley no spare wool with me and I needed a marker. So now the old bread tie is useful for more than just a makeshift plectrum.
Since then, I've discovered they make great identifiers for circular needles. Grab a fine tipped permanent marker (I recommend the Sharpie which I use for work but which are now available in places like Woollies), and record the needle length and size.