Seems like it is working out to me. There have been plenty of POW coins that haven't worked out too.
POS is better for long-term energy efficiency sustainability. Put all the money your would pour into mining equipment into buying more coins, and you help raise the value of your prior investment. Coins don't wear out, like any mining gear will. And you can always resell if if you want, but but mining gear depreciates. The coins are the miners
what ever floats your boat, Ive just seen this so many times before
See:
Blackcoin, Mintcoin, Reddcoin, Zeitcoin, Asiacoin etc etc ... the list is pretty long of these games played on the newbs, have fun dancing around the musical chairs.