Yes, they do this at my children's school. They did a pilot first, which DS3 was on. There was a 'graduation' in the summer term that DS3 really enjoyed, it was a hugely positive experience for him. DD has now joined too. They have tried new things that they might not have tried otherwise.
If your children are already signed up, my tip would be to make sure you (or they) they keep their online passport up to date, as that's what our local CU uses when working out which award each child has earned.