I think that it should be tested on our currently known theories, but I do think it will probably perform quite well. This is on the basis that its analogically similar to cross validation in the way that Occam's Razor is similar to the information criteria (Aikake, Bayes, Minimum Description Length, etc.) used in statistics.

I think that, in some sense, its the porting over of a statistical idea to the evaluation of general hypotheses.