The no point values of AoS has given me mixed results. On one hand if your playing with friends and can trust the other person to not be a jerk, it allows a great deal of freedom to develop themed armies and epic, cinematic style battles.
When it comes to random pick up games that's where this tends to fall apart. This system you've shared is one of the better ones I've seen, but it suffers from internal balance issues (some units are just too overcosted to see play compared to other, simply far better ones). I really hope GW provides us with an official system at some point.