Hi Gabel,
Having been through thousands of domestic and agricultural buildings, I have yet to see one of the joints that is described above. That is not to say that these do not exist but that their usage is not immediately obvious in the vernacular building landscape.
You have identified its major weakness i.e. the possibility for wedge loosening, or worse still loss, and that just about says it all. I would suggest that unless you are dealing with a structure that is known to need to be taken apart, aligned and / or tightened on a regular basis e.g. a like a mill, then this type of connection is best avoided.
Ken Hume P.Eng.
