Plot: I realize there is potential for a slowdown, probably similar to that when you go to Xray mode, but when the model is "finalized for presentation" that could very well warrant having specific Scenes saved with this view mode turned on; it would certainly facilitate the print-output or when there is a need for a closeup which examines specific details.
The surface appearance can change depending upon edge-length and detail, model scale, and the smoothing/softening properties of the intersecting geometry. Part of the idea for the suggestion, aside from doing the actual physical intersecting, was to eliminate tweeking smoothing and softening properties by merely superimposing non-smoothed "virtual-edges" representing the intersection.
Bob: I use a similar method already. But with more "organic" or dense geometry, the method can be time consuming and not conducive to making fast changes at later date; it some cases it might involve reconstructing the original geometry (or retrieving early versions of the model).
Regards, John