this is nothing new. you can use your regular, run of the mill combined contraception pills to skip your periods as often as you want. all you need to do is skip the week of placebo pills in your 28 day pack, and head right on to the next pack. so you're only taking the 21 active pills and then moving on. you won't get your period that month. it's especially handy if you know you're going to be on vacation or something.
so with this "new" pill, basically all you are taking is active pills. no placebos. so yeah it's nothing revolutionary.
i used this method all the time when i was younger, and i never suffered any ill side-effects, not even any breakthrough or extended bleeding. the only thing that sucks about it is that you have to cough up more money for pills sooner if you're doing this every month.