Cypress has something similar. As long as it's possible to buy a full-access pass, and as long as the rates are comparable to what they charge at other similar places (Not true at Cypress, unfortunately), I don't see a problem with it. It's no different than off-season or off-peak rates offered to try to spread out usage.
Unfortunately, in the local case, Cypress seems to think they're competing with Whistler and have priced themselves accordingly. Reality is they're competing with Grouse and Seymour and they're not that much better.