I haven't tried it, nor have I ever seen it. HOWEVER, as an Early Childhood Intervention Specialist, I would have to say it is pretty much a crock. From the commercials, this is my interpretation. The babies are "reading" in that they have memorized the shape of the word to match the stimuli picture that is presented. My guess would be that if you presented the word written in a different format, you would not get that response.
Now, I may be wrong, but I have taught a lot of kids to read - and this is not how you go about doing it. Reading is such an abstract concept. At the age of the kids shown on this video, children are just learning about spoken language, and understanding that concept. To understand that verbal language corresponds with marks on a page that can be copied to produce words that can then be read again - well, that is what reading is in a nutshell and NOT what these babies are doing.
Of course, spending that much time working with your child is going to be beneficial. But don't pay money for this program! You can accomplish the same thing, and probably better by just READING every day to your child. Promote a lifelong love of reading and learning and they will be much better off!
Barbara