I personally love the idea. It's the only format that could offer a variety of mods for a single 1v1 ranked match and provide a ranking non-biased by farming. And I don't think finding a new partner after every match (if we give the fact people wouldn't rematch with the same guy right after) is worst than waiting in public queue or KO tourneys, might even be shorter !
I just hope the list of mods will be consequent enough to offer variety and strategy, like 9 to 12 mods.