YES YES!!! I had it a few months ago. I went on an 8 mile trail run. I was up to that distance in VFF's already, but adding in the uneven surfaces and hills of a trail did a number on me. I completely stopped running for 2 weeks. Did the whole RICE thing every day. I think the compression part was the most helpful. Wrapping it up tight when walking around normally so I wouldn't aggravate it anymore than it already was. After 2 weeks, I added in a short treadmill run with success. I increased miles very slowly over the next few weeks and it hasn't been back!
It's definitely an overuse injury. Take it easy.
Since then I've been plagued with ITBS. Now THAT is painful!! Foam roller has been my friend and I'm pretty sure the knots and bumps that were along my IT Band are now history! Ran 6 miles today pain free when a few weeks ago I couldn't run 2.