I do like the principle of this editing technique, but I have a variation that I employ in Premiere using Nesting and Labels.
1. I take the raw takes and load them into their own timeline. In a really short form work this might constitute a single sequence (e.g. EDITS). No trimming, just reducing footage consisting of many raw takes into one master clip. In a more complex work, maybe a selection of these master clips according to theme or whatever.
2. I use the labelling feature to go through and make my selections. I can colour code this to reflect certain themes as well as add in some basic comments. The duration of the label doesn't have to be perfect, but works as a guide to how I originally felt about the in and out points of the individual shot as I was working through it.
3. When I've completed this labelling step, I simply close the sequence in the timeline, go to the project panel and drag that sequence into the source monitor. All the labels are displayed (including my comments), so what I have is virtually a single master clip that has my editing notes reflected as labels - colours and comments.
4. I'll start navigating back and forth through this sequence, selecting in/out points, and then add these clips to my MASTER sequence. For a longer form project I'll continue doing this with however many nested/labelled sequences I think is necessary.
The advantages of this over a pancaked approach?
Well for one thing I haven't trimmed away any raw footage - all I've done is make visible selections that can be very easily altered if necessary.
Secondly I don't have to contend with multiple timeline spaces - just the most simple source-monitor-to-program-monitor based editing flow. The labels are the visual guides I require and nothing more. Plus I can always include my initial little ideas when doing the comments (e.g. "reverse and flip this, and combine with duck c/u"), which can be difficult to remember late in a project.
This is just my opinion however, and whatever works is great. I can see that some people might enjoy the visual nature of pancaked timelines. For me, using labelled nested sequences just seems to work more solidly.
I certainly do agree with the principal of doing some pre-selects as part of the editing process. What I would be wary of is mentally throwing away material that, at first glance, may not have seemed important. Unavoidable sometimes I guess. I do sometimes have special labels for shots that are somehow interesting yet imperfect, and this can help you late in a project if you've somehow reached a roadblock. Enjoyed the video, and thanks very much Vinnie for sharing some of your excellent work.