Fuel is certainly shut off, however the problem i have experienced with leaving it in gear is if the hill is not steep enough to be in gear with the throttle off then you will slow down too much. Also if the hill is really steep you would have to be in a high gear revving the bits off her to maintain the speed limit

. However if you are coasting down the hill in neutral for a long way sat on the brakes, i cant imagine this is any good for your brakes

. I probably have just quoted a load of waffle there so please correct my ignorance if im wrong people