And like all formalizations, it's not so much the method but the people and how they deal with it that determines its success. All formal methods, no matter how lightweight, can become sheer bureaucracy if they become detached from their original intent, and I'm already seeing anecdotal evidence (including from inside Google!) in this discussion that "snippets" is no different.
It's all about communication. If your no longer deliberately communicating something and getting valuable feedback, alarm bells should go off. Always keep asking "why?".