ninja edit my answer doesn't make as much sense because I misread the question, I thought OP used PUT not POST.
Original answer
Yes, this is an excellent practice, The best method for creating new resources is PUT, because it's idempotent and has a very specific meaning (create/replace the resource at the target URI).
The reason many people use POST for creation is for 1 specific reason: In many cases the client cannot determine the target URI of the new resource. The standard example for this is if there's auto-incrementing database ids in the URL. PUT just doesn't really work for that.
So PUT should probably be your default for creation, and POST if the client doesn't control the namespace. In practice most APIs fall in the second category.
And returning 201/200/204 depending on if a resource was created or updated is also an excellent idea.
Revision
I think having a way to 'upsert' an item without knowing the URI can be a useful optimization. I think the general design I use for building APIs is that the standard plumbing should be in place (CRUD, 1 resource per item).
But if the situation demands optimizations, I typically layer those on top of these standards. I wouldn't avoid optimizations, but adopt them on an as-needed basis. It's still nice to know if every resource has a URI, and I have a URI I can just call PUT on it.
But a POST request that either creates or updates something that already exists based on its own body should:
- Return
201 Created and a Location header if something new was created.
- I would probably return
200 OK + The full resource body of what was updated + a Content-Location header of the existing resource if something was updated.
- Alternatively this post endpoint could also return
303 See Other and a Location header pointing to the updated resource.
- Alternatively I also like at the very least sending a
Link: </updated-resource>; rel="invalidates" header to give a hint to the client that if they had a cache of the resource, that cache is now invalid.