It'll only be as good as the amount of participation becomes. I had a gun recently stolen while in one of my son's posession and am glad to see something like this.
The system in place now sure makes certain that you provide information when you take posession of a handgun, but if one gets taken, little concern about getting info about it out there where it may do some good. If the theft is reported, yes, it gets out on the NCIC, but that only comes into play if it gets recovered by police or is used and then recovered during the commission of a crime. I know as a dealer, and I'm far from alone on this sentiment, there really needs to be a more accessable database of stolen weapons out there to be accessable by others than just law enforcement. Hell, some skell can easily try to sell a stolen gun at any shop or pawn broker's and there's no way for the dealer to know if it's hot or not. Private citizens should have access to this info as private party sales of firearms are up also. You could be buying a hot gun from another party and never know it.
My hat's off to whomever set this up.