Yes! A major part of engineering design work is the process of evaluating the good and bad points of possible alternatives.
In 2016, barrel connectors are used as low-voltage power connections in MANY common products - look around you A generation or two ago we may have used RCA plugs, DIN-connectors, XLR-style connectors, or a host of semi-proprietary connectors. A generation from now we will probably use something else.
There are no actual standards telling us how to use barrel connectors, but some combinations of inner diameter, outer diameter, and polarity seem to be more common for some supply voltages than for other voltages. You may want to make your product compatible with power supplies, chargers, or backup battery packs that your customers already use. Or, you may want to select a combination that makes it difficult to connect your product to an incompatible power source.
One example of a 2.1mmx5.5mm power jack, that is intended for soldering onto a printed wiring board, can be found at http://www.cui.com/product/resource/pj-102ah.pdf