It's an effective and super simple way of blocking out the basics of a narrative.
The problem is with a story like mine, which has more than a dozen individual sections. Each one tells its own minor story, and so you quickly start to feel and look quite insane:
In the end, I didn't end up using much of the structure I'd developed here, but it was still useful. It gave me a place to start, a place to identify moments of real significance versus ones that would just be easy or fun to write.
I recommend trying out the story circle concept if you ever get stuck on a piece, or just need a place to kick things off.