Pyramid training is effective in taking the muscles to fatigue. It's helpful in the development of both endurance and strength. I hesitate to say it's superior because everything works for a while. The key is to have different methods to approach your training because eventually your body will adapt and will need a new approach/stimulus for a continued growth response.
The drawback to pyramid training, at least in my opinion, is that I always have to switch out weights or I feel like I"m monopolizing three sets of weights when I'm at the gym. Obviously in a class where there are a lot of dumb bells this is not a problem. Gets interesting in a crowded weight room though.
Probably what you really want to know is...Will this method give me some hypertrophy...Yes.
Yes it will.
Silver: Indeed it is that time of year.