Wasn't it Ariely's Predictably Irrational that went over market norms vs. tribe norms? If you just had ordinary people start doing this, I would guess it would crash and burn for the obvious market-norm reasons (the urge to game the system, basically). And some ew-squick power disparity stuff if this is ever enforced by a third party or even social pressure.
Empirically speaking, this system has worked in our house (of 7 people, for about 6 months so far). What kind of gaming the system were you thinking of?
We do use social pressure: there is social pressure to do your contracted chores, and keep your chore point balance positive. This hasn't really created power disparities per se.
If it's worth saying, but not worth its own post (even in Discussion), then it goes here.