The thing about the system is that it is good for getting you to remember the names of all the notes in various positions - if it was advertised as simply a memory technique then we probably wouldnt be standing here poking fun at it. The problem is that he makes all these ridiculous claims, claims which the product simply cannot fulfill.
And besides, to say that what made Jimmy Page a great guitarist was that he knew the notes is cr@p. Sure, that's part of it, but there are other minor issues, such as technique, emotion etc, which the creator neatly sidesteps.