It's an interesting way to compromise between the direct print cabinets and decals. I think it's a little excessive for most home environments, since it's a $400 upgrade, but I'm glad that it exists. Now, if they decided to make these standard on the LE/SE games, I wouldn't complain about it, but I don't think it's worth the extra cash right now.
I have to wonder though-what about the printing process here makes them that much more expensive to produce than a standard vinyl print?