Works great. May look a bit off, depending on the bike, the height one sets the adapter, and the chosen stem...etc.

I put one of these rigs on my Proctor (a nice 80s road bike) mainly because I had the parts handy at the time of the build, and to facilitate playing with fit a bit (I wasn't sure exactly what would be most comfortable, as the bike has an unusually long TT). In the end, I've left the quill adapter setup on there for some time. As I said, works great. I'll probably switch over to a quill at some point...when I've got nothing else to do.

I do use a zero degree stem on there to get some rise without having the adapter protrude too much above the top of the HS, though I'm not getting the bars much higher than I could with a traditional quill stem with the current setup (though I could, of course).

It's a viable solution. If the aesthetics bother you, it's always possible to experiment with a Technomic, or with a zero-degree stem or something with rise (perhaps a nice Ritchey Force or something along those lines...)