I have no problem with it. It is the kind of thing that is so difficult, especially when guarded, that people won't just try to attempt it to the detriment of a regular offense. It really is only useful as an equalizer in end of half situations.
The big thing though is that they need to award 4 foul shots on a shooting foul from that distance instead of 3. Otherwise there is no penalty to just foul the shooter hard enough to make sure that he misses when up by 4.