Besides the obvious appeal of not making lesson plans (yay!) this approach appeals to me on several levels.
For starters, I am a project-based person. I like to throw all my energy at the topic de jour. That's one reason I so enjoyed event planning. A problem is presented, researched, solutions presented, decided, implemented and the fruits are enjoyed. - Then it's on to the next problem (er, event). Is it just me? I don't think so. I think that the majority of people are wired this way. It is a rare employee who can be satisfied to sit at a desk 8 hours a day, answer the same question or stamp the same papers day in and day out and ENJOY their job. I think that most people LIKE to engage their brains, solve problems and enjoy the fruit of their work!
In a this model, an individual (or family) identifies an area of interest (say horses) and then builds the adventure ("education") around it. What are they? Where do they live? What do they eat? How do they impact the economy? Then you can put on your "what if" thinking cap (a favorite game of our house anyway!) and create a scenario (I'm going to be a horse-farmer - what do I need?) research, present, draw, write, figure out the finances, look at land in your area - the limits are really only bounded by your imagination.
Doesn't that sound more interesting than reading a textbook, memorizing answers long enough to pass the test, and then dumping it out of your short term memory?
Here's a great article that inspired this