I have been doing this a lot lately, and it has been working well. However, I don't call every big raise pre-flop with rags. I'll do it occaisionally during a cash game. In short-handed play, I do it a lot more often. Soon it gets to the point where they don't have a clue of what you are holding. Everytime you bet out at a flop after raising or calling a raise preflop, they have a harder time deciding what the hell you have. The implied odds work out too, because the style I play is very laggy and involves quite a bit of bluffing -- this means that when I hit a small two-pair or straight, etc., I'm going to get paid off.

In summary, I think this is a great strategy if used with the correct frequency.