I believe such a system has potential, but the flaws are too strong for now.
For example, my ISP is horrible and my connection would drop every hour (not as bad now, but it was awful trying to play a MMO).
Also, what's stopping me from borrowing a friends game and playing? I work a night shift, they do the day, so we would be on at different hours, allowing us to do this, all with a legit copy...
Keep trying Ubisoft...