I did this method with my son at 2 1/2. We would have done earlier,but we had a baby at 2 and wanted to wait until we thought he had a decent chance at not regressing.
It worked well. I will warn you that it is very emotionally tough. The first night I met my husband at the back door and told him that Luke was done for the day and that I was going to go get a pedicure. (I've never done that before :)
I think you watch your kiddo. Mine was bringing me the wipes and a new diaper, laying on the floor and telling me that he needed changing. Make sure that he's showing some signs of rediness. If he is, then go ahead and do it! Good luck!