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This is a pretty good idea. Too often people simply don't have enough available PCIe slots available, since these dual slot graphics cards cover them up. Run SLI/Crossfire, throw in a sound card, you're likely out of room.
I'd like to see this technology moved into higher end cards in the future. Put one of those in the 6950/6970 series that is coming out, I would definitely be inclined to get one Visiontek version.