It appears to be effective in terms of generating multiple excitement peaks from a PR/marketing perspective. It may have some longer term benefit in terms of keeping tension and excitement high which will, properly directed, channel additional dollars and awareness into our sport.
However it conurrently ridicules and diminishes the season long struggle for our champion contenders. It remains to be seen how people not in the countdown are impacted by "not making the cut" in terms of their sponsor committments.
I think it is a huge risk and as such is the case with risky maneuvers the benefits could be great or they could be devastating.
In my opinion, it will likely take three years to have a reasonably accurate accounting of the ultimate impact of this very major change in competition.
I personally feel it is not a good thing in terms of the racers involved as it adds a much higher "luck factor" into the equation forcing defining races into smaller pieces here a short term success or failing could completely change an entire season. However "fans" may well prefer the new format.