I've been playing it on Wartable the past couple of months.
Its a fun format and great for online gaming, where bigger games can get unvieldy.
Some of the smaller factions get hit hard by the restrictions, but they're still playable and fun (speaking as a minions/mercs/ret player).
As my local meta has been capping FA at 2 since MKIII started, and we generally play 50pts games I think the format could get big here, no pun intended.