I have seen this good number of times. Few examples.
1) The employee leaves company. On first day, at other job figured that this is not the job profile he had expected. Calls back old manager. Old manager was more than happy and this person comes back as same positions.
2) A second level manager leaves company, joined back after 6 months as higher level manager. Salary increase was almost 25% than earlier.
3) Couple of women left after pregnancy as the maternity leave was not enough. Came back after things settled.
4) Couple of employees from India left the job. Went to US for study. After completing the study joined the same company in US.
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