I started using this tactic last night, aside from losing my first game 4-1 away to Milan (I'm playing with Roma), my team is beginning to become accustomed to it.
Main things I'm noticing are - as pointed out already - the games are fairly low scoring, and over the last 5 games I've only conceded 2 goals. Interestingly both of these were from Direct Free Kicks.
When the opposition have created chances against me they were from through-balls or long balls played into the back of the defence. The high line of this tactic can leave you susceptible to attacks, as can playing the offside trap if your defence isn't the quickest or the smartest.
I'd be against changing the height of the defensive line as (in the mould of Arrigo Sacchi) the short distance between the forwards and the defenders makes for some delightful passing in the centre of the park. In fact after a 3-0 defeat of Cagliari, Bisoli criticised my team and suggested that if they tried to shoot once in a while instead of trying to pass the ball into the back of the net that we'd score more goals. Perhaps removing the offside trap would be "safer".
With a decent fullback this tactic does create a fair few chances (I'm using Coentrao), however my only criticism is that my "other" striker is mostly anonymous. I'm almost certain that this is down to the player not the tactic - in my case Vucinic is playing as Target Man and performing nicely, whereas Boriello as Advanced Forward may as well not be there. Julio Baptista could do the job, but I will attempt to use Adriano once he returns from injury.
Overall I think that this is a very solid tactic. If you want to play a narrow game, have no wingers then I would recommend this as a starting point. I'm obviously at a very early stage of my season but am already seeing improvements.
Hope that was of some help.