Love the tactic!
I've just finished my first season using it. I'm managing Chievo in 2033 and just won the Serie A for the 7th time in a row, but have unlocked the 'Invincible' achievement by doing it unbeaten for the first time(P38 W34 D4 L0) with a goal difference of 114-12, which is also a new personal record. All without any new signings. It really is astonishing how few chances the opposition manage, and how many you score by using what, at first glance, looks like a pretty defensive tactic. I also won the Champions League for the first time in 5 years(setting a new record for goals scored along the way, including a 10-0 aggregate win over Chelsea(5-0, 5-0), ranked 3rd in the world, in the quarter-finals), as well as the Coppa Italia and the Italian Super Cup. Everything I entered, basically! Even my previously cross-eyed fullbacks have chipped in with 16 goals between them. This tactic rules so much that I sold my world-class wingers in January as I doubt I'll ever need wingers again. I lost one game the whole season in all competitions, 1-2 v Roma in semi-final of the cup, but then won the second 4-0 so whatever.
I was making slight adjustments throughout the season to account for injuries and substitutions(and am currently re-training 2 of my CBs to liberos as I reckon this formation could possibly be even better with a libero, but we'll see...), but the standard set-up was basically the 5-3-1-1 version of this.
In previous saves, I'd always start with a tactic that seemed best fit for the players at my disposal, but somehow always end up playing 4-2-3-1 a few years down the line. It was working quite nicely, but I was getting bored with it and was trying to come up with ideas for a new one, and although I didn't think of it myself, this is most definitely it.