It resembles more the shared flat system that Germans call Wohngemeinschaft or WG. The main difference here is that the building and the apartments are actually set up for this sort of arrangement, and that the rules of the WG are set by the landlord instead of by consensus of those in the WG. I actually think it could work, as each has their own private bedroom, and sharing a kitchen and other common areas means more pressure to hold up your side of the deal and keep it clean. The hardest part, really, is landing a spot in an existing WG as the current members hold a sort of casting.
I'm curious, as it has potential. As with everything, it comes down to the execution.