Whilst its far from a perfect rendering approach it does seem to have a number of qualities that are very beneficial - especially if you're focussing on the lighting side of things and not so fussed about all of the transparencies and shadows stuff.
I need to start updating my part of the Direct3D 10 book to cover Direct3D 10.1 and there are relatively limited things of interest in 10.1 with regards to lighting models. GPU-based compression of normal maps is one I definitely want to look into - you can now pack up a 4x4 BC5 block in a single 128bit UINT pixel and have the GPU move the bits around to be in the correct pattern. I was never too impressed with the 10.0 story around generating BCn textures on the fly.
The other one I'm toying with is MSAA'd deferred shading. Having MSAA wasn't possible with Direct3D 9 and it still had some limits with 10.0 but these seem to be gone with 10.1 which make it quite a compelling example for my section of the book.