I wouldn't call this scrolling, I would call this revealing.
Scrolling actually is continuous (think of a scroll being unrolled from the botom and rolled up at the top).
Revealing would be nice for reading forward, and I have to admit that I feel a sense of accomplishment and control when revealing further text. And as a result, I read more of the page!
But the psychological aspect of revealing things can also be done with scrolling, for example the parallax pages such as NikeBetterWorld (now taken down but you can see it at http://www.ianlunn.co.uk/demos/recreate-nikebetterworld-para...) and Ben the Bodyguard and the other sites here: http://webdesigncrowd.com/websites-unique-scrolling-adventur...
As you reveal more of the world in a novel way, you feel a sense of curiosity. Once the novelty wears off, though, you are left right back there with the content.
The key to revealing things is that you are more focused on the new stuff instead of the old. In this sense, I agree tha the revealing is better than scrolling, because when scrolling, you don't immediately focus on the new stuff. Instead, the old and some of the new stuff is all a big blur until you stop scrolling. That breaks your concentration.
However, as someone pointed out, revealing is not good for "scrolling back up". That is an important point. Revealing is a different psychological phenomenon.
To summarize: revealing is not scrolling. Revealing is about using a novel method of showing new content, always de-emphasizing the old one (in Ben the Bodyguard, for instance, new things move but the old things stay still). Revealing is good for presenting information in a forward direction, and wears off with the novelty of the method. The web shouldn't all scroll this way.