The New York Times' Mark Bittman seems to think it's terrific. He writes that asparagus pesto
. . . tastes like asparagus with additional punch. ... Making asparagus pesto lets you use the peel, which contains a ton of flavor even though it's sometimes too tough and stringy to eat. Pureeing lets you sidestep this issue: you keep the peel, and the flavor, but your food processor pulverizes the fibers, even if you use thick spears.
Maybe I'll try it. Maybe.