There are obviously pros and cons to every permutation of a skip-the-line system, although they are highly variable based on each person's circumstances and touring preferences.
Cost is the obvious big negative here. What else about it bothers you?
Personally, I would vastly prefer this over Genie+ and every past permutation of FastPass. No pre-planning, no rules to learn or inside tricks to try and exploit, costs clearly specified, and the cost/benefit of paying or not staring you directly in the face.