If you read dorian yate's blood and guts book,he did do that principle but it was one set per exercise and a few exercises per bodypart(2 i believe). Immediately following the heavy failure set, he would drop weight by 25% and then perform another set for a greater number of reps.
As far as it working, i did it back in the day and grew from it. Granted i was 17, i probably would have grown from anything the way i ate and being that young=-)