I attended a university parish for seven years that rejected this approach. For all its honest good in inviting young adults to take on roles of leadership and ownership in the church, it unfortunately fed an image of the church as being unsure of its own teaching and one in which the local community, while important, was insulated the experience of the wider, universal church and cut-off from (and often at odds with) the local archbishop.
The Second Vatican Council was a necessary council for a necessary reform, in my opinion. However, much of what has been done in the name of the Council in the succeeding fifty years has resulted in many bad things. However, things appear to be turning for the better. I was amazed at the vitality of the youth that I discovered when we came to South Eastern Texas. Young adults here weren't ashamed to boldly proclaim their Catholic faith. They devoured the writings of the popes, prayed the rosary, and arranged carpools with other friends to travel en masse to priestly ordinations, not just because they thought ordinations were cool, but because they knew many of the men being ordained and wanted to support them in their vocation and ministry. They were deeply involved in social justice work, including Habitat-for-Humanity and in founding 40 Days for Life. They embraced more traditional devotions and more traditional liturgy, not just the traditional latin mass (the Extraordinary form), but also the modern (Ordinary) form of the mass celebrated as the Second Vatican Council actually intended for it to be celebrated.