Yes, it's magnificent.
My fave rendition of this is on the Round Midnight
soundtrack CD with Bobby Mc's amazing mimicry of a muted trumpet - with Herbie Hancock, Ron Carter and Tony Williams: http://www.youtube.com/watch?v=GOxYj28wC3w
Maybe related to Miles's Blue in Green
and Trane's Alabama
as beautiful, melancholic songs is Billie Holliday's Strange Fruit