I think we should only try that once Campagnaro is back, because cutting a midfielder would reduce the cover for the defense. I wouldn't mind seeing this against smaller teams at home:
Milito - Palacio
Nagatomo - Kovacic - Cambiasso - Jonathan
Juan - Samuel - Campagnaro
Ideally though, I would be more comfortable with this formation when we have someone like Nainggolan in place of Kovacic.
So far this season, the backbone of our teams seems to be: Handanovic-Campagnaro-Cambiasso-Alvarez-Palacio
We could try to fit a few different formations around it, without disturbing the key roles of our backbone.