I quite like it. Addresses some (maybe all) of the concerns we have seen around making the cookie notices more compliant with various privacy regimens and also hands more control to the users. The clear, obvious "Cookies" button is a nice part of that, too.
That said, I do plan to try it in my dev first and post an announcement in my site's Tips & Techniques forum with instructions on how to use it before I upgrade live so people aren't surprised by it.