I have read about this form of team ministry. I have seen it in practice. Where it falls short imo is that it depends upon the ontologically different person to instigate it, and to keep it going. The moment a different such 'leader' appears who is not immersed in this way of being church, everything reverts to being priest centred and dependent (and lay leadership ends up being disillusioned , frustrated, and not valued). 
Frankly, we need to go back to 4th/5th centuries and to ask why the priesthood was adopted and why the sacraments became dependent upon ordination. It was frankly a power grab - and was quite unnecessary except for those in power. The 'theology' and 'doctrine' was developed to justify this ecclesial change. Until we (lay and ordained alike) are prepared to visit our history and repent (i.e. turn back to the Living God rather than the institution created by men for decidedly mixed motives - some good, some bad), we are just 'shifting furniture on the Titanic'.