I sort of like the idea, though I tend to agree with the posters about the downfalls.
However, the intermediate table used to relate items and allow flexibility is a technique I've used before. The are numerous downfalls, however, one of which is the fact that you are depending on both objects being there, in other words, a match. If you are going to depend on a match, then why not relate the items in the standard way?
Thanks to the other posters for the references, I'm planning on checking them out.
Steve Jones