I've used this method for a number of years, and commonly explain it to business users as a Contra-Correction, which they seem to readily grasp, in one instance a client had an Archive Database that took daily snapshots of about 5000 records, after 3 years it was touching 70GB, when this method was introduced in to a new DW, we cut the database size to around 10GB, and lost none of the history.

This method has its good and bad points, the most obvious flaw is with rapidly changing facts on very large datasets which can cause the data to explode as you tend to be creating 2 new fact records every other day rather than one 'movement' fact record that records the differential, so you need to be careful and limit the monitored fact attributes.

The upside is that you will always be able to view a record AS WAS at a given point in time, as well as AS IS. This is most useful in the financial world where regulatory reporting is required on a monthly basis and you have to be able to prove to auditors the numbers at a given point in time, and saves you having to create an archive silo every month.