It's a situational strategy. Think about it this way, Mourhelm:
If I'm <however big> acres, and my kingdom is relatively safe from waves due to CFs/etc, my goal is to gain land. I go and look at the charts -- I'm currently safe from being randomed, with my army home. Now I start randoming. I don't train, I don't build my incoming land. My NW stays artificially small, since I aid my soldiers out every time before I hit. My soldiers provide me with more defense, and I carry some gold so I can train them and build if we get into a war situation -- and I'm confident we won't. I'll have saved so much NW I can hit for another 1-2k acres than my kdmates, or competitors.
A few ages ago, PBs were in full dice mode, I took over the smallest province (by ~1k+ acres), converted it to attacker/dicer, did that ^^ and hit into the middle of the kd before going back into dice mode. Only kept enough land built to dice every hour. As a gnome, mostly used peasants/soldiers for def. Being able to grow an extra ~500a/day is huge.
Realistically, it's very simular to using a mixture of WS/QF/non-ws/qf'd hits to regulate land growth in a LBG system.
Situational, but very effective if someone that knows how to whore uses it.