Sim.
In theory, ionice allows you to prioritize a command's IO the way that nice(1) theoretically prioritizes its CPU usage. This would be a handy way to allow, say, a big but relatively important compile to grind away in the background without getting in the way of your interactive use of the machine.
(Why yes, I do recompile Firefox from source every so often.)
[...]
The next problem is that even when running directly on a disk,
ionice
does nothing to de-prioritize asynchronous write IO. This is, well, most of the write IO that most programs will do. Ionice may slow down synchronous writes (I don't have a test program) and it definitely works for reads, but that's it.