We did this back when we had our first draft in our Dynasty league in 2001. (League I commish)
Personally I like it.
Here is what it looks like in comparison
Standard draft order - snake order
Team 1 = #1, #24, #25, #48 #49
Team 12 = #12, #13, #36, #37, #60
I think team 1 has a decided advantage. In most years there is a decided top 1-3 picks. This year ADP and MJD seem to be the consensus. Team 1 in this case gets 3 top 25 players including the #1 guy. Team 12 only has 2 top 25 players and nobody in the top 10.
Modified format - 1-12, 12-1, 12-1, reverse snake order.
Team 1 = #1, #24, #36, #37, #60
Team 12 = #12, #13, #25, #48, #49
To me this seems more equitable. Team 12 has three players in the top 25 but nobody in the top 10. Team 1 has the advantage of #1 player overall, two top 25 players - and solid picks at the #36 and #37 spots.
I have played in all kinds of leagues - and believe me it sucks when you pick #1 and you don't get those back to back picks at #12 and #13. But in the end - I have found this format produced more balanced teams.
All this is just my opinion - I think there are some more in depth articles that discuss this somewhere on the site.