Not generally utilized in heavy reds like a cab, but it is used often in chardonnays. It also is not typical in aromatic whites, like a Riesling, although you will see it in very special cases. It tends to significantly reduce or remove the aromatic aspects.
Some Pinot Noirs go through this process for a short period of time.
Just lees aging by itself really smooths out a chard; somewhat like MLF will. Both lees aging and stirring gives the wine a yeasty, biscuity flavor; not what every Chard drinker enjoys. These will tend to suppress any fruitiness of a Chardonnay, resulting in more of a Burgundian style (smooth but fruitless!!! in my opinion).
The amount of this flavor depends on how long the wine is subjected to these. I like the results when the wine is lees aged and stirred (once a week) for no more than about 6 weeks, which is considered a very short period of time.
Get on the internet and read up on this. There is quite a bit out there. Once you do, split a Chardonnay batch in half; do one half with lees aging and stirring; do the other in the normal fashion. Let the wines age for a few months, then try each.
Also, you can taste the wine each week and note how the flavor is changing, so you can better determine when to stop the process.
If you try it, let us know how it all turns out.
I might add that in Burgundy, some wine makers will leave a chardonnay on the yeast lees for over two years, never stirring.