I tried something similar (I'm in the UK so my points work differently from the US and had to modify it) and I broke through a plateau and lost an average 3lbs a week for a while, but I found it a little difficult to stick to. It served the purpose though.
When I say I had to modify, the main difference for me is that the high points days aren't as high and the low points days are a little lower. I don't get the extra weekly points to use so I had to juggle the numbers to get it to work out for me, but I still eat all my weekly points.
I also find it handy if you have a meal out or a party planned, because I don't get those weekly flex points (is that what they are called?) it means I can eat out for a special occasion and have it as a high points day and compensate on the other days of the week.