We've done this quite extensively in our applications with MySQL to work around the single database limitation of Django. Our application has a couple of databases living in a single MySQL instance. We can achieve cross-database model joins this way as long as we have created views for each table in the "current" database.
As far as inserts/updates into views go, with our use cases, a view is basically a "select * from [db.table];". In other words, we don't do any complex joins or filtering so insert/updates trigger from save() work just fine. If your use case requires such complex joins or extensive filtering, I suspect you won't have any problems for read-only scenarios, but may run into insert/update issues. I think there are some underlying constraints in MySQL that prevent you from updating into views that cross tables, have complex filters, etc.
Anyway, your mileage may vary if you are using a RDBMS other than MySQL, but Django doesn't really care if its sitting on top of a physical table or view. It's going to be the RDBMS that determines whether it actually functions as you expect. As a previous commenter noted, you'll likely be throwing syncdb out the window, although we successfully worked around it with a post-syncdb signal that drops the physical table created by Django and runs our "create view..." command. However, the post-syncdb signal is a bit esoteric in the way it gets triggered, so caveat emptor there as well.
EDIT: Of course by "post-syncdb signal" I mean "post-syncdb listener"