I'd love to do a real study on the effectiveness. But realistically, I don't see it happening since I don't have the resources to set up a scientific study. But if you're interested or know someone who would be, let me know. =)
One plus from the algorithmic approach is that you really have to write each time. There's no way to skip it and just look at the answer even for easy ones you think you remember. Therefore you get a lot of practice writing and hopefully writing the characters sticks like "muscle memory". Of course, if you're disciplined you can do the same with for example Anki and pen and paper, but not everyone (for example me...) are that disciplined.