Not a terrible system in a normal year. This year, it's not good. Without any way to have teams connected through sufficient common opponents, I don't think other computer rankings are particularly capable of doing very well either.

That said, in a year like this where there are some major surprises about who is good (Marshall, Liberty, BYU, Indiana, etc.) and who is bad (PSU, LSU, etc.), coupled with no way to connect across conferences (via OOC games) approaches that use priors are conceptually inferior and should not be trusted... at all.