It does work... to a point. I actually tested this theory once.
You will get just a HINT of more airflow, and a bit more noise over a single fan. They do run a bit faster. I tested this in my old air cooling setup, the fans that were stacked actually ran longer than a single fan before needing maintenance. Possibly due to them helping each other more than increasing airflow. With 6 90mm fans stacked in the lower front intake, 3 stacked above the AGP in the back, and 3 stacked o nthe PSU, and 2 80mm onthe heatsinks, it dropped my temps on a dual 366 Celery(at ~550Mhz) about 6-7 deg F (nothing else changed)
It's the same principle as using a fan on each side of a Heatercore.
I've also found it depends on the internal shape of the fan casing, some are nice & straight, some are angled at the sides.
The straight ones work better stacked, as the angled part didn't create an airtrap(for lack of better word) area.
Finally, I've found it works just a tad better if you have a 1"+ length of tube between the fans for spacing.
So, it does work, barely though. If you have the money for all the fans, and have the power to run them, and also don't mind the noise, if could give you just a few degrees difference.
edit - I also would only stack same model fans.