This would allow us to have a FIXED value e-currency which we can use for micro payments.
I won't be fixed if the issuer suddenly stops redeeming their IOU's and in if fact such IOU's will quickly become worth *nothing* - as you said the Asset can be anything including "Pirate Ponzi Coins".
FORGET IOU....I'm not even talking about IOU's.
Example: NXTMONEY is pegged at 1 USD....so everyone who has or wants to receive NXTMONEY knows that it is worth 1 USD, 1 YEN, 1 CNY for example locally in his country.
Now lets say a merchant sells some cloths for NXTMONEY he now have NXTMONEY in his account....he can then go online and buy from a supplier who accepts NXTMONEY...and so on.
The problem NOW is that NXT or BITCOIN price is always FLUCTUATING....so they don;t lend themselves to simple commerce at the corner store.