I can see this working at some companies.

I have been pretty much been unsupervised for close to 15 years just because of my positions. (Here's what we want you to do. Come back if you have problems.) I also have done self created projects that make everyone's job easier.

But then I have seen co-workers that have to be watched with a close eye that they are even doing actual work they are assigned.

So really it comes down to having employees that are willing to be personally responsible for getting their job done. If you don't have that, I can see the change failing, miserably.