Personally, I use custom events simply for the ease of use. I can have one class dispatch an event when something happens (say an animation finishes or an error occurs in a download) and any number of other classes run any number of other functions based on that event. In addition, I code for reusability. The goal of each class is complete independence so that it can run in any project without needing other packages. So rather than have one class call a method of another class, I dispatch an event from the first class that the second class listens for and then run that method. Then when I need that first class for another project, I can just copy/paste it without having to modify it and without losing any functionality.
EDIT:
Also, it's worth noting that sometimes people do what you describe to get around having to pass in event arguments.
Say you have a button on the stage and you need to be able to click it, but you also need to be able to manually call that method. Some people don't realize you can pass in a null event and have only the single method. Or you can set it as a null default argument, see below:
private function onClickHandler( e:MouseEvent = null ):void{
//as long as you never reference "e" within this method, this method can be used both for MouseEvent listeners and manually calling it elsewhere in the code
}
That technique can help avoid having an event handler that only calls another method and nothing else. At this point in my programming, every single AS3 event handler I write sets the event argument to null by default. It just makes things easier later on.