I don't know about general consensus but people were having a lot of fun with it at the Norcal Weekly. A lot of people were exposed as one trick ponies... even FChamp himself was looking like a fish out of water without his Magneto.
At the very least they admitted that it was a useful exercise in order for people to get better with their other characters and there was less auto pilot in lower brackets. A lot of new strategies had to be developed on the fly including new teams.
Now as far as it being adopted for general play... I don't think that will ever happen. Also even this ruleset needs more fine tuning because I think if they are doing one character ban that character should be banned for both players not just one player.
As far as LoL/DOTA ban goes, it was a bit different than what they did for the UMVC3 tournament. For the UMVC3 tournament they just had one ban per player and that only applied to one player (so if FChamp banned ShadyK's Vergil, he himself could still use Vergil if he wanted).
In a MOBA game, the banning is as follows (well I am just going to give the DOTA 2 format because that's the game I play). Team 1 bans first, other team bans 2 characters, Team 1 bans 4th character. Team 2 gets first pick. In MOBA games a character that is banned or picked is basically removed from play so even picks are very strategic because when you pick something the other player can't pick the same thing. This goes on until there are 10 bans and 10 picks. There's a ton of strategy involved in this drafting phase and it forces teams to be versatile in their playstyle, strategy and team picks.
The MOBA games are balanced around this drafting though... there's a whole mode called Captain's Pick where you do these banning. Even the order in which you ban and pick is how the game is balanced (just recently they changed it around to add more strategy to it).