I use this method frequently to help keep file size down. Here are a few hints for you.
http://farm6.static.flickr.com/5305/5890226823_22c8458c07_z.jpg
In this image I have drawn a gear made up of smaller segments. In the background you can see the before hiding. In the center I've hidden the edges but you can still see the back face color bleeding through because the vertical faces are still there. In the foreground, you can see that I've deleted the internal faces of the segments and so there's no bleed through. Also, these segments are components so hiding the edges on one hides them on all.
http://farm5.static.flickr.com/4154/5190512797_5e0876427d_z.jpg
In this closeup view of the top of a turned post, notice the hidden radial seam edges intersect the circular edge at the midpoint of the edge segments. This results in coplanar surfaces on either side of the seam line. The benefit to this is that there'll be no shading difference at the seam. Play with dividing a simple cylinder at the midpoint of edge segments and also at vertices. Look at how the shading occurs.
http://farm5.static.flickr.com/4111/5190404813_6dcffb137d_z.jpg
This shows the entire turned post. As you can see, it is made of eight instances of the same component. Neighboring pairs are mirror images of each other.
http://farm5.static.flickr.com/4012/4284864786_6e320fc9e7_z.jpg?zz=1
These bin pulls were created using this method of mirrored halves. I used the idea of the coplanar faces along the center line. The faces don't have to be very wide to make this work.
http://farm5.static.flickr.com/4100/4782683811_1fc61907aa_z.jpg
This applique uses the exact same method.
http://farm5.static.flickr.com/4129/5018580153_82e977bd99_z.jpg
As does this chair seat. And in this case, with the wood grain texture ends up with a book matched appearance.