Jamie-
Thanks for the post (and the ensuing debate). I think there may be some situations where this technique is better overall, but I'd have to guess that most situations would be best tackled with Kimball's approach.
However, one suggestion that I haven't seen mentioned is the use of the new Date data type (if business rules allow). From what I've seen, most dimensions are processed daily, so the time data could be dropped and thus saving 2 x 5 bytes per record while maintaining the SCDEndDate.
Just my .02.
Enjoying your blog,
Nick.