Sorely needed, it would tidy up the node graphs no end.
Edit: Another thing which would help, having the ability to create a linked suplicate of a node, so you can place the linke node where you want, but it always linked back to the one "real" instance of the node. Change that node and the others are automatically updated. This would also help in graph readability over a myriad of criss-crossing lines.
(Blender 3D does this with objects, so I presume it's a sort of pointer to in code rather than a copy of).