Where I work we do use that structure. I can never find anything. For me remembering the numbers is as remembering IPs instead of URLs.
The problem is not the naming of the directories, the problem is that the next idea after “johnny decimal” was to make a standard structure. Because this structure has to serve the full company, is HUGE! So irrespective of project or area size, you have an structure of 10 levels with 30 directories in each level. The names are very generic, and sooner or later somebody has a different interpretation of where document X should be placed… we have lost days searching for lost documents…