Kind of like the old Hong Kong stonecutter, but without the mountains....
And, yes, I have seen some "spectacular approaches" at JFK.....
http://www.aviationpics.de/appr/app.htm
They will hang on to this approach until folks start missing or someone says NO.....for the afore mentioned reasons. LGA and EWR will have to change alignment if JFK does.....creates quite a jam.
I think most "stabilized approach" criteria are written with this approach in mind - carefully worded to allow for the manuevering required. And as previously mentioned, a strong southerly creates most of the issues with safely and succesfully completing this approach.