As best I can tell it is impractical as an actual decision-making procedure for more complex cases, at least assuming well-formalized priors. As a limit to be asymptotically approached it seems sound, though -- and that's probably the best we can do on our hardware anyway.

I thought I could, but Yvain kind of took the wind out of my sails with his post that Nornagest linked to, above. That said, Eliezer does outline his vision of using Bayesian rationality in daily life here, and in that whole sequence of posts in general.