The technique has worked well for me whenever I have used it. I think the idea of it is mainly for inexperienced pilots, so that they can focus on one thing at a time and ensure a recovery isn't botched, at least too much! Basically, inexperienced pilots often seem to be more distracted by the rotation, and the longer it takes them to stop this, the faster the rotation becomes. I believe the expectation at GFS is that as you become more experienced, you will apply some forward pressure when appropriate, rather than waiting for rotation to stop. But at GFPT level, it seems like a pretty safe method that can't really get screwed up to much.
At least that's my take on it.
787