Continuous Progress Education?

Big Kid's new school is trying out some new way of teaching. They swear it is more individualized approach to learning. Here is what they say:

"Another unique feature of our school is the organizational structure and the instructional programs we provide. All teachers team teach and work collaboratively with colleagues to meet the individual needs of all students. Students work with teams of teachers in non-grade specific multiage classrooms following an instructional approach called Continuous Progress. Students are grouped in mixed age and mixed ability (K-1, 2-3, or 4-5) classrooms and remain with their team of teachers for approximately two years. Students stay together and move on to the next team of teachers within their continuous progress “house” for the remainder of their time at the school. We believe that every child progresses at their individual rate of development and that the continuous progress model allows all children to progress and learn in ways that support individual development. The opportunity for children to build meaningful relationships with teacher over time promotes higher levels of learning and a strong self-concept both of which are important to success in school and life."

In theory it sounds great, but does anyone have any real life experience with this? Although I'm not thrilled with the current way of doing things, new stuff sounds scary too.