I actually made my first Openbuilds machine with this design, for the same reasons you listed.

In my case, while it worked, the design of the gantry wasn't strong enough for its height. I'd like to try it again someday, but only as a thought experiment. I've gone on to a much stronger standard-gantry system now.

Having said that, if I had a market for something that needed a large Z travel I might very well try it again. It does solve a few problems but really only in a narrow use category.