This has the potential of saving a lot of CPU time and network bandwidth.
Logged requests show a variety of values:
name='HTTP_IF_MODIFIED_SINCE' type=9
value=''
name='HTTP_IF_MODIFIED_SINCE' type=9
value='Tue, 20 Oct 2015 21:24:49 GMT'
name='HTTP_IF_MODIFIED_SINCE' type=9
value='Mon, 07 Sep 2015 07:31:05 UTC'