I played in a campaign with similar stats (ours was pick your stats, sum of stat bonuses can not exceed +10, half of stats must be odd and half even). It was fun, but we seemed to have the paper tiger syndrome--we either blew everything completely away or were nearly TPK'd in nearly every battle. I think the DM had a hard time judging the party's capabilities because in some things we were 1-2 levels above average (attack bonus, damage, save DC's, skill checks), but in others we were not (iterative attacks, spell levels), and in still others it varied wildly from character to character (saves & hp).
I can't remember what level we started at (I'm thinking 3rd), and we ended at 12th-13th.
We had a lot of fun, and I'm contemplating going with that same method of stat generation for my next game. The characters were definitely a bit over-the-top compared to 28-point-buy, but for me D&D is escapism, pure and simple, so that wasn't bad. The number of near TPK's proved that we weren't invincible by any means, so it was definitely still challenging, too. And our party was proof that high stats didn't make up for crappy tactics. Well, not completely anyway.
Go for it. It'll be fun.