I think it's a really awesome concept, but not one I was/am willing to do myself, just because of the extra care/inconvenience involved. We waited quite a long time to cut the cord with DS, an hour I think, it was totally limp and flaccid. But needing to carry around a baby AND bowl of placenta was not something I was willing to do (though in understand that the idea is that you rest and stay in one place with the baby for those early days, I didn't find that to be practical for us, and this time with a toddler to care for as well, definitely won't be an option).
But absolutely, if it's something that speaks to you, do it!
Living and loving in ATX with DH (of 7 years) and DS (3.5)