Yes. Service Academies run it for several reasons. Hard to prepare for in one week (most opponents will only see this offense once a season), allows to read a defender who allows us to have extra blockers, can be run very effectively without a lot of athletes. This is why Navy, Army, Air Force all run this. Georgia Tech is running it with some considerable athletes and they have been pretty successful (don't bring that Miami game in here. Miami is legit and nobody's going to beat them this year). Hell, we need to run some sort of gimmike offense. Look what it's done for ku and MU.
It can be a good high school or even small college offense. You're only change is to have very disciplined players. But against very athletic, fast defenses its simply too tough to run IMO and be successful. Some of your non-BCS teams (and service academies) can have some success with it b/c they face less talented teams over the course of the season. And still, most don't have a ton of success.
Georgia Tech had great success last year, but IMO that was mainly b/c they played in a weaker conference and most teams weren't used to seing it. But we've seen in basically their last 7 quarters of football that teams with speed will shut it down. Especially b/c their QB is no threat to pass the ball. GT probably will be able to manage a .500 or so record and a bowl, but mainly b/c they play in the ACC. Simply not a viable offense for BCS level taletn IMO.
At the end of the day, this type of football in a phonebooth isn't viable. That's not to say option football isn't viable though. Today's football has shown it is, but it must be spread option from spread sets to get the defense spread out and allow for seams and cutbacks. But the days of 3 back option football and 9-10-11 guys within 10 yards of each other are over against any defense with speed and a little discipline.
