Its about the only thing i use vinegar for, but it works. You need to soak something (cottom wool for example) in vinegar and then apply this to the taps, ensuring that it doesnt fall off. You need to leave it there for an hour or two (i think Kim and Aggie have put the cotton wool in a plastic bag before now and tied it to the tap) and the limescale will fall off, though i believe care needs to be taken on gold coloured taps...luckily here in the Midlands our water is largely quite soft.
Cheers
Stephen