As a character creation system, it's brilliant. There are 20 ways to combine 6 approaches taken 3 at a time (without repetition and order doesn't matter). That makes a convenient deck size. The system ensures that all approaches are in the 0-3 range, that there'll be variety in the approaches, and that each character has 3 aspects and 3 stunts. Doling out cards ensures that we'll have a mix of character types.
The character system also strikes a good middle ground between other potential methods for creating one-shot characters. It's less time-consuming and less daunting than having players make up characters from scratch. It gives players some say in their characters instead of handing them pre-made characters.
I've started making custom character decks for various settings. I can fit the necessary information into a business card size. I can make a custom deck with two sheets of business card printer stock.
The situation generator has some decent variety, but not all cards are suitable for all audiences. I take some cards out ahead of time, depending on who'll be playing. For example, I knew that a certain father/daughter pair of players wouldn't want to see the "Currently naked" card come up.
I added some goal cards. Some players said they were at a loss about what to do or they had trouble recognizing when the game was over. A goal card gave them something they could focus on and run with, without feeling railroaded. It helped keep the action crisp and created a recognizable ending.