His ideas imply that everyone who can't help the system (non-engineers, etc) can dedicate themselves to arts, etc. Can you see how much power the engineer class would have over everyone else? I'm mean, sure, I'd like to think that in a system like that we wouldn't have to worry about subversive elements because everyone gets their fair share. But it's pretty easy to see that beautiful utopia turn into a system similar to China. (And no I'm not saying the current system is any better.)
Don't get me wrong, I like his ideas but they're not for this day and age. Maybe in a very distant future society will live in something similar to what Jacque Fresco envisioned.