We have quite an extensive access control/permissions system in our app and I'd say, yes, Neo4j is definitely suitable for this. Especially if you have hierarchical roles and items that inherit their permission set in a hierarchical manner. There are a million different ways to implement AC though and it really depends quite closely on your needs and your specific domain.
For example, we use a "default off" access control scheme where items are default visible to all unless there's an "accessibleTo" relationship to either a single user or a role. So when asking to view something as a specific user we first check if it has any constraints and on the rare occasion that it does, check if the targets of those constraints intersect with that user and her hierarchically inherited roles.
Our perm system, on the other hand, requires that users (or their inherited roles) have specific "permission grants", which are nodes that link together a permission type node (i.e. "update"), a user/role, and an item. Items themselves can inherit permission grants from other items via a "permissionScope" relationship.
When you're exploring all these hierarchies trying to determine who can do/see what you really value the fact that Neo4j (and graph DBs in general) are capable of very fast recursive (or looping) traversals, and at modelling hierarchies in general.
Cheers,
~Mike