I'm run & played in various games like this, all with some degree of limited success/failure.
The key thing about these games, esp. if you're playing an unaltered version of yourself, is honesty about your abilities. Not what you
think that you can do, but what you can
actually do. Very tricky thing. Esp. tricky when you have players who already have a habit of "exaggerating" their dice rolls as it is.
I'd also say that this style game should be saved for groups that have played together for a while. I'd say that it'd be a ery uncomfortable idea for a newly-assembled group (or for a new player in an existing/established group).
However, all of these games have rather short-lived lifespans for one reason or another. They're interesting concepts, but don't endure long as a game for soem reason (the reasons why vary from game to game, whether it's a fallout between friends, real life getting in the way, etc.).
However, there are a few methods that, IMHO, really work with this base concept:
- Superhero Games: IMHO, this really works with the idea of the players playing themselves, esp. if something occurs which changes the character, imbuing them with powers, abilities, etc. Thus, in effect, the character would have a few elements that remain true to the idea, but the rest can be different w/ no problem (e.g., the players have been mutated & gain superpowers).
- Alternate Earth reality: It's you, but different. Things occured differently in this reality than in the real-world reality, allowing for some variance/difference in stats/abilities once more.
- The Eternal Champion plot: Sorta like the above idea, but much more different. In essence, the characters make PCs as normal. However, the PCs are that game world's version of the players themselves (much like Corum, Von Bek, and Elric are, IIRC, supposed to be the same person in vastly different realities). I sorta use this idea for making up a group of pre-gens for my current group: the pre-gens are a mix of a representation of the actual player with what the player prefers to play.
Basically, allow for some degree of difference/change in the hard mechanics of the PCs, though keep the basic concept/background info relatively the same. In a FR game I ran, I used the "Eternal Champion" idea for a group of pre-gens that the players used occasionally (mainly for side-games, "meanwhile" moments, and for ways for the players to indirectly affect their characters [like the pre-gens stealing the item that the PCs are questing for, etc.]). It met with relative success overall.