It doesn't work so much now, because constant touring has been replaced by the internet (and talent by trend). And just look at sites like Obner - there's a constant rush to find the new or the unheard. There's no time for a band to develop itself over 4 or 5 albums with plans of gaining an audience as it goes, because that audience fucks off for the new after their 2nd album "wasn't as good as their first ep."