The amazing thing is that with just a few tweaks, these decks are capable of becoming Pro Tour quality decks. This is a huge first step to fixing the issue of people showing up for FNM. I'm not sure how other locations are doing, but my FLGS (Friendly Local Game Store) is having trouble getting butts in seats after the horror of Standard this past year.
I wonder, if perhaps, this endeavor becomes a success for Wizards if they'd do the same for Modern. Could you imagine paying $60-$120 for a premium deck that is almost the same list as a pro-tour deck? Sure maybe its just 1 Liliana of the Veil and 1 Jace, the Mindsculptor, but this could do a lot of good for player turn out.
But I'm not sure what it would do for collectors and stores. I saw a video by the Professor who was talking to James Chillcott about people who invest and supply singles for people. The reason I think these Challenger decks will work for Standard, is because they will eventually be rotating out in six months, and that might be what makes this work. Modern though, never rotates, so that would cause issues.