I think that this technique holds more appeal if you have to do both database architecture and application programming. My .02
I've done both.
Perhaps more importantly I've done application programming management where I've been responsible for having many programmers over time maintain applications, fixing the (real or perceived) sins of their predecessors.
Whenever someone gets "clever" at the expense of architectural purity, there ends up being a cost. It may be simple confusion (leading to bugs or rework), or it may be that certain situations are not handled thoroughly, usually because the "tricks" end up hiding what is going on underneath.
That "cost" may sometimes be appropriate to pay. The case being made here is that the overhead of separate tables for each concept is a higher cost than the potential cost of cheating on purity of design. Each case has to be weighed individually.
But to me the biggest problem with creating this architecture is the order of the decision making. Let me compare it to denormalization in general.
I have programmers who START database designs saying "I need to denormalize these fields and these tables so this will run fast enough". They say it before they ever even figured out cardinality, much less did any experimentation. Most times they are simply wrong -- it isn't significantly faster. By starting off in the direction instead of coming to it only when necessary, they make a mess.
If you create this infrastructure, then people will tend to go to it first, without (enough) thought of consequence. You lower the "cost" of this step -- or at least the perceived cost -- and it will be used more widely than intended. That this does is hide the architectural (as opposed to implementation) cost of it.
I've done it both ways, in file systems before rdbms' and in rdmbs', and it has always come back to bite us in loss of referential integrity, in difficulty in implementing after-thought triggers and functionality specific to individual domains, etc.
It has its plance, but my suggestion is treat it like surgery - try it after everything else has failed.