Personally, I think not. Kid's (without the proper parental and intellectual guidance that is) would only do kid things... like eat candy and play video games and the like if that was their option. I know... I was a kid once too.
We have a group of home schooled kids that I know from my martial arts... they are absolutely brilliant kids, but speaking to them, they are SO poorly socialized and SO awkward, and really don't write very well or speak with any indication of intelligence. It's really only after knowing them for a long while that I've determined they have amazing potential which is just being wasted by home schooling.
I guess with home schooling, it's only as good as the teacher, it's just that you don't have anyone else with whom to compare notes.
To get back on point though... the whole system about which you asked looks good up front, but after about a month or so I'd be led to believe that motivation trails off.
