Seems like you're talking about hardware capabilities, which haven't really been tried seriously since Intel's iAPX 432 processor in the early 80's. It failed miserably due to horrible performance, but some argue that the performance could have been fixed had they been given a second shot at it.

Modern capability systems don't rely on hardware support and performance issues aren't usually cited as a problem with capabilities. In fact, capabilities can often perform better than ACLs since ACLs tend to require performing an expensive access check on every operation.