Going downhill, it's better to leave it in gear. With your foot off the gas and the throttle plate closed, your engine is either using miniscule amounts of fuel or absolutely no fuel (if it's EFI, the injectors shut off completely on coast-down).
For this reason, actually shifting to N while driving doesn't really help much... unless you're practicing hypermiling and using the "Pulse and Glide" method. (which also requires you to turn off your engine...

). If you're coasting to a slow stop, coasting in gear once you're below around 60 km/h uses no gas, whereas if you're coasting in neutral, you'll use more fuel because your engine is still idling.
Shifting to neutral does help, though, at a stop or in stop-go traffic... at a stop, your torque converter is under load, straining against your brakes. In stop-go traffic, putting it in "N" after you move allows you to coast a bit farther with just a little tap of the gas.
Many nay-sayers say that the extra motion wears down the mechanism... but if the torque converter is disengaged when you shift, there's really no issue.