I like F/+ quite a bit. I actually brought it up often last year when people talked about how bad our schedule was while ignoring that Florida State's was equally as bad (granted, FSU obliterated everyone and we didn't, but that wasn't what I was trying to argue). I looked up each conference's ranks without their top team (with the logic being that at the point in the season I actually did this, a few of the major conferences had a leader that was so far ahead of the rest of their conference -- specifically Florida State, Ohio State, Baylor) and it turned out that FSU brought up the ACC much more than Ohio State did for the Big Ten.
I meant to keep revisiting what I did throughout the season, but didn't. It wouldn't be as interesting this season since no conference appears to have a clear front-runner (OSU/Neb, MissSt/Bama,TCU/Baylor, etc.), and even those that do (like the ACC) don't have a clearly dominant team like last year -- Florida State isn't up to last year's standards, and I'm actually surprised by how close Miami is to them this year.
One last note: When this week's rankings came out yesterday, Bill Connelly (creator of S&P+, the "+" part of F/+), noted that our performance against MSU was so good that it actually raised VT's ranking to 28, despite the Hokies not even playing, and pushed MSU down to 25.