Well, you seem to be advocating "choose your own adventure", Fighting Fantasy Gamebook, only with a GM. This would seem to rather take away most of the benefit of having an actual person running the game.
Still, it's definitely superior to the totally linear, railroaded approach.
I've just been reading EGG's Yggsburgh book, prepping for a game tonight. Yggsburgh is essentially a near-infinite matrix of plot - wherever you go, you hit 1 or more plot hooks*; each hook leads naturally to several more, and on. Some are static/location based, many others exist in the random tables. Being written for C&C (or AD&D etc) it's designed to be runnable with the players having effectively infinite choice on what they do, where they go. I certainly think that as a DMing aid to give players real choice, this is a superior approach. There are individual nested adventures/dungeons in there where the dungeon map creates naturally limited choice, but the players are free to choose whether to engage with any particular dungeon.
*There seem to be well over a thousand of these in there, from short paragraphs to 15-page adventures.