It can't be worse than a single 120mm rad, can it? On the other hand, those two rads look quite thin. A single thick one will probably have similar performance. If the fan has trouble moving air, you can just add more of them.
"With this design Cooler Master aims to greatly improve cooling performance. It claims that this design has the same cooling power as kits with 240 mm radiators, though it will be compatible with a lot more enclosures."
It won't have the same cooling as kits with 240 mm radiators: apart from the radiator thermal properties (material and size), cooling will depend on flow-rate and air temperature. RAD-FAN-RAD config will impose greater pressure drops on air flow, thus decreasing air flow-rate; air temperatures through the second radiator will be higher than the ones with the 2nd fan on a 240 radiator - this will diminish the heat exchange. Take in consideration that a second radiator may slow down the liquid flow, which deteriorates performance.
Note that spacers and 120x38mm fans will help to solve these issues to some extent.
Advantages of this will be that it may be installed on a single fan mount, and it also may be quieter. (now a days it is pretty easy to find a case that has 240 mouting options..)
Also, i have a config like this one, and even with spacers and 2 120x38mm fans, performance is below the one obtained using 240 rads.
Hope this helps