Of course it's more fun to have new discussions, but til that starts, anyone who wants to read about this can find some good discussions on this searching at these two forums:
There's a long paper by Rob Arnott, that's worth reading, and a short webpage by William Bernstein. I'd read W Bernstein's first, has a much higher value per page ratio in my opinion
Also I'd read Altruist Investor's opinions, on his website. (He's a financial advisor type. So is W. Bernstein, and Arnott makes a profit from this product.)
My personal opinion: I love the idea, but I'm not willing to pay a high E/R because I don't think the advantage will be that great compared to competing indexes. Think I had a cutoff E/R but forgot it... maybe wrote it in a post on Raddr's board.