I have long advocated the benefits of this type of multi dimensional portfolio management approach to reviewing IT investment decisions.
It takes away the differing values embraced by various functional groups and encourages the connection between projects and strategic goals.
A Strategy for Making Better IT Investment Decisions – Deloitte CIO – WSJ.
However, you need to get all parties to buy-in to this way of doing things. If the approach is not applied consistently then the results will not be equitable and the process will quickly gain a bad reputation. One way to success is to have a neutral central group like the PMO control it.
You also have to be careful, as the article points out, of groups “gaming the system” – looking for ways to get their projects to the top of the list. One of the common ways is the misuse of mandatory or regulatory projects – this needs to be carefully policed.
Overall though, this type of portfolio management approach will drive consistent investment decisions that are linked to your strategic goals.
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Martin Davis' Blog 
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