I've never done it that frequently but I do top dress thinner areas with well rotted compost and it responds nicely. I wish a had a good drop-style compost spreader to make quick work of it. I've got some ideas on building one. If I had a spreader I'd be tempted to apply the compost more frequently, like maybe once a month.
My yard is mostly sand and my grass (planted last year) wasn't doing very well, so early this spring I spread (7) 40lbs bags of top soil (just to test an area) and spread it out thinly over about 500 sq. ft area: it actually thinned my grass even more and turned to mud every time it rained. 5 months later, even after overseeding, the grass is still thin there. I used the same dirt (well, dirt off the same pallet) to make a raised garden and the garden has done VERY well this year, so I doubt the dirt quality was poor.
My problem may not have been the imported dirt but I am skeptical to do it again... I was planning to buy a few yards of top soil to spread around the house, but now I'm sure yet. I'll heavily overseed this fall and see how it looks come spring.