I use it quite a bit for a couple of reasons: First - Unless you are specifically running a round-robin/flight tournament, the gripe is an undefeated team gets beat in the final and they are done. Second - it is like a double-elim bracket except for the additional round in the losers bracket.
Of course having an even number of teams makes the losers end a lot smoother. There is also a way to run them without byes that has teams go left and right which confuses just about everyone that looks at them myself included at times.
I have used these off and on for close to 10 years and have had maybe 2 teams go 0-2 and win the whole thing.