It was a cool idea, along with the Bunkhouse Stampede, but it didn't work out that great.
They couldn't really do anything on the 2nd and 3rd levels because there was no ring. And the one WCW did had an awful Russo swervejob that made no sense. The camera's also had a tough time catching everything and the fans had a hard time seeing everything.
It would probably work better in a stadium and it would probably work better with a structure that was big enough to support three rings.