The summarization portion is probably the main advantage over the other note taking methods IMO.
In fact, might it be better to take unstructured notes, and then restructure them later?
It works relatively well for me, though I have become extremely relaxed in the way I use it.
When I started I would write much more in the "recall" column. Now when I write in the note section, I add to the recall section if it makes sense for the note (so, not always - before I would always try to write in the recall column even for things where it didn't make sense to). I also skip the summary bit out of pure laziness.
It works alright. It's become more of a routine study thing more than anything. But I do think it helps me order my thoughts, creating questions in the recall column is a useful exercise I feel.