Running 45"/15" test (Gacon)

I came across this test, mostly done by soccer players in Europe.
It consists of running 45sec / 15sec-rest, continuously increasing the distance & intensity.
Starting out 45sec (@ 6:00/Km pace) over 125m, then incrementally lengthening each rep by 6.25m keeping the same 45sec - after 25 repetitions geting to 275m (@2:44/Km pace) on 45sec:

No.Distance (m) Avg. pace(min/km) Total Distance (m) Time (sec)
1 125.00 06:00 125.00 45+15
2 131.25 05:43 256.25 45+15
3 137.50 05:27 393.75 45+15
4 143.75 05:13 537.50 45+15
5 150.00 05:00 687.50 45+15
6 156.25 04:48 843.75 45+15
7 162.50 04:37 1006.25 45+15
8 168.75 04:27 1175.00 45+15
9 175.00 04:17 1350.00 45+15
10 181.25 04:08 1531.25 45+15
11 187.50 04:00 1718.75 45+15
12 193.75 03:52 1912.50 45+15
13 200.00 03:45 2112.50 45+15
14 206.25 03:38 2318.75 45+15
15 212.50 03:31 2531.25 45+15
16 218.75 03:26 2750.00 45+15
17 225.00 03:20 2975.00 45+15
18 231.25 03:15 3206.25 45+15
19 237.50 03:10 3443.75 45+15
20 243.75 03:05 3687.50 45+15
21 250.00 03:00 3937.50 45+15
22 256.25 02:56 4193.75 45+15
23 262.50 02:52 4456.25 45+15
24 268.75 02:48 4725.00 45+15
25 275.00 02:44 5000.00 45

I am arguing w/ a friend over the benefits of such a test… he sustains that it does test Maximal Aerobic Power, I tend to say it is no good indicator of VO2max.

Any wisdom outthere, on this particular workout/test?
(it does sound like 30/30s)