I played the game Company of Heroes, and they had a somewhat similar use of cover, but in an RTS style, and it just irked me. There'd be a target in plain sight, but because the engine decided they were behind cover, they were untouchable.
The only other "FPS" I've seen try this approach was Full Spectrum Warrior. Squad based - third person perspective I think - but had a very similar use of destructible cover. Good game in it's day too. But again, you'd see your squaddie off standing out in the middle of a firefight, but because he was listed as "behind cover" he was invulnerable.
Don't get me wrong, I love the concept, but much is left up to the implementation. I really am looking forward to this one!
