Novel stuff, indeed. Seems like it should work well for low-demand drivers, such as network and printer. Of course, those drivers are mostly simple and a little extra overhead doesn't hurt too much.
The question is, though... Could you be able to tolerate the performance hit of having an extra wrapper around, say, your video driver? That's one I don't know the answer to. My gut instinct would say "not yet..." Hopefully someone can find a way to prove me wrong, though. Cutting edge video cards always seem to lag WAY behind on other OS's....