Bleeds, in the airline in question, only the Captain can do a Cat3 landing, and he takes over at 1000' for either a 50', 20' or zero Decision Height. I can't recall the exact limits for a copilot to practice an approach, whether it's something like 500m vis or Cat2 limits.
I think it works quite well. The copilot flies from TOD to approach down to 1000', the Captain takes over having briefed himself at leisure on the go-around and decides at DH (called by copilot) whether to land or GA and carries it out, and hands back over to the copilot after the GA in the circuit to collect himself to do it again. In bad weather it works superbly, and prevents one guy getting overloaded doing it all himself, and maybe flying a GA after an extended complicated approach and forgetting some detail of the GA. It also shares some of the flying each sector. It works, and can't be knocked. The other way that works is one person flying the whole thing. I think it is short sighted to criticise one or the other, especially when not fully understanding how it works.
Finally, having flown both ways for years, I'd say in bad weather approaches, give me Monitored Approach always- it's excellent. In good weather, it doesn't matter- either will do.