It also runs all of the LEDs simultaneously, allowing much greater brightness than Charlieplexing.
Who mentioned charlieplexing? It's a cute technique but much too low duty cycle for anything non-trivial. I've done tests and find that 10-15% duty cycle looks almost as bright as 100% duty cycle and saves a lot of power. So I don't see the 33% duty cycle I'm drving the LEDs at as a problem at all (or the 16% duty cycle for 16 RGB LEDs). In testing, I lowered mine to 20% while trying to get the red, green, and blue consistant and it still looks full brightness.
Even with a flashlight project I'm working on, I'm driving the luxeon LED at a lowish duty cycle at higher current. It's saving battery life, looks brighter, and the LED doesn't get as hot.