I've been using this since around October and it works perfectly at making 0 HP something to fear. My players are far more cautious because they know that a lucky crit can cripple them for the day. Someone healed in combat will often try to get to the back rather than staying in danger because getting knocked down again will effectively end the adventuring day for them. They also know that I'll have the enemies actively respond to their presence, so stopping halfway through the dungeon means that there will be an organized defense waiting for them next time, assuming that they don't get killed during the night.
On a somewhat similar topic, I recently told my players to roll their death saves privately. Until someone comes to check their body no one (myself included) knows if they are alive or not. It's too early to know if this is good for my table or not, though it has made the decision to heal/stabilize someone much more significant.