Of course. I gave a Lemon for dissent for a player saying "you don't know the rules ref" early on in a game last weekend. Young player in a Sunday league team. He took the caution and didn't say another word the whole game.
I'm similar to Kes on this one, most dissent I'll try to bat away with a bit of humour, although I suppose that in it's own right could be viewed as a kind of stepped approach. It is very rare I would call in a captain for dissent as at the point it got to that level he would have flipped the trigger switch in me and I'd already have the yellow out.
It is a case of each to their own, what works for one referee might not work for another. As an observer I just want to see it dealt with in a way that enhances their match control. If they ignore it and there is no further dissent then great and it won't get mentioned, whereas if they ignore it and it spreads to others it certainly will get mentioned. If they give it back with interest and that works, and there are a lot of referees I've seen that it does work for, then all well and good, but equally if they try that and it gets all of the player's backs up and his control goes downhill from there then I have a trigger point to refer to. Sometimes as a referee you take a gamble, what worked for you last game might not work in the current one.