The only problem I have with this method is that it forces me to choose between recording my dreams and attempting to have a lucid dream.

What I mean is, this method only works for me when I fall back asleep very quickly after waking. I keep a tape recorder beside my bed so I can describe my dreams during the night, but I've found if I do that, it wakes me up too much to apply this method. So I can either record my normal dreams or roll the dice and try for a lucid. It's a tough call when I've just had a really awesome dream.