Karsten,Yes I have some pages ranking for low competition keywords using this method, I do more editing on them to ensure the articles makes sense. The articles created using Kurts method read very well especially if you have good chunks of text to begin with, definitely as good or better that some of the articles I see on article directories, but not good enough for gold sites or ezinearticles.com etc. because while they read ok they can be a bit disjointed.
They are perfect for blog posting and blackhole feeds.
On IAW Pro is very good for creating paragraphs quickly and for doing research on subjects you have little or no knowledge.
Noel