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I've used something similiar and believe it or not, in the end it's not really much faster than uploading manually or using a one click WP install like Fantastico offers, especially if you have several different servers as you have to enter the FTP etc info for each domain in manually anyway. If you wanted to put 100+ blogs on one server and could preload the default settings once and press go, the time savings would prob be worth it.
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