It may not be the best for every situation, but all I have to say is that it would have been a major help for me when I was in school. I was one of those kids that routinely didn't do the homework, but got A's on all the tests because I did do any reading assignments (loved to read) and also was an active listener in class. Yeah, I know people hate guys like me, but it would have helped immensely if it was still salvageable after a few early mistakes.
The traditional model just wasn't the right way to learn for me, for whatever reason. No, it wasn't ADHD. I can concentrate just fine -- way better than average, even. I think part of it was just the fact that I resented being assigned homework that I didn't even need to do in order to learn the material just fine. It's like they were asking me to wash perfectly clean dishes just for practice or something, if you want a metaphor. Also, I always did have authority issues and still do, and "achievement" had no appeal to me with regards to school. I was very interested in learning, but not at all in achieving a grade. Really, that's just grading you on obedience, not knowledge, anyway.
...and screw the "deserves" BS that right wingnuts like to fixate on. What matters is results, isn't it? Deserves ain't got nothin' to do with it, but unfortunately, that maxim is only applied in the direction of authority. Given that they didn't break me under the system that was in place, what makes anyone think that trying something else automatically makes it worse?
Bottom line, I think it will help a lot of kids that are "too smart for their own good." The other option would be to get them in a situation that actually challenges them rather than holding them to the same standards as the below average. I've met others that pretty much had the same school experience, so I'm not the only one that scored within the 90th - 99th percentile on standardized tests while occasionally flunking classes all the while. I was definitely the worst case locally, though.