It is an interesting and clever method. I finally remembered on what TV show I recently saw this method. Here is the link to the This Old House episode:
http://www.thisoldhouse.com/to...
(scene selection 5, at the end of the show)
The guy in the video is working with clay soil so I don't know if it will work with your soil type or not. You may want to at least try it in a small patch and see how it works.
If I lived in a dry climate, I'd definitely give it a try. In this climate, though, I'd likely end up with drowned plants in a mosquito hatchery.