Inbreeding or linebreeding (a more distant form of inbreeding) can be a very useful tool, for the breeder to set type. As Lewella said however, it should only be attempted by those who are incredibly knowledgeable of the horses used and those who will appear more often in the pedigree. This not only involves conformation, but hopefully, their temperament, how long they lived, what they died of etc.
I have never though brother and sister breeding attained much, but other close breedings, can produce outstanding individuals. On the other hand, very close breedings, can suddenly bring to the fore, something nasty which has been lying hidden in the horses used. It all really comes down to how much one knows about the horses used and their backgrounds.
Inbreeding because the horses might be handy, is never the reason to breed, yet we see it constantly.
With outcrossing (horses who are not related in many generations) can also produce some good and some nasty surprises. Regardless of the type of breeding one considers, it always pays to know as much as possible, about those horses in the pedigrees.
Lizzie