This system is a current requirement for the Granting of Type Ratings in the Australian system.
It is also very time consuming and cumbersome, you end up waiting for Things to break in a certain ATA chapter, fighting over who get to do the job so that you can complete your Schedule of Experience.
Depending on the environment you work in (Line or Base Maintenance)it can be near impossible to obtain the required hours in each ATA Chapter.
Even with % reductions in the hours required for a type rating it would take at least 12 months ( average ) to gain the rating !!
Everytime the system is changed even more red tape is added.
This sytem definetly is NOT the Way To Go !!