The Scottish Korfball League has implemented a similar version of this system for the 2013/14 season, and we're about to do the split. It seems to be working well so far (nothing to do with my club dominating things of course!) in that we've avoided the blow-outs that occurred last season, and that the teams on the cusp of the split (from both sides) have been fighting hard to get over the line.
I might get a few whinges when I present my league secretary's report at the end of the season, but so far, so good.