I disagree...this technique takes the pecs out of the movement.
Think about it...this is powerlifting basics. You pinch the shoulder blades back and the stress of the lift placed mainly on the delts and triceps, this is why powerlifters don't have great chests...they have great tri's, but no chest.
In Dave Tate's recent "so you think you can bench" series mentions this indirectly. When the subject was benching and didn't have his shoulder blades back tightly enough Dave could tell...He could tell because the kids chest flexed more than it should have, he said something like "i can see your chest flexing still, so I know you aren't tight." (paraphrased)
Personally, I notice that much of the stress on the delts occurs when bringing the bar down to the lower chest and bringing it back up over the face (think a front raise, bringing the weight up to the face is what your delts do). If you bring the bar down higher on your chest, you might be able to take more delt out of the move.