This sounds wonderful to me because I typically find condoms uncomfortable and without them much more enjoyable... but I'd really rather not have any kids at this point in time and "No" is very difficult to say when you haven't seen your partner in weeks. It really doesn't sound much different from the female pill, and as I remember some certain more favorable side effects my friends experienced from that pill (I'll leave it at they needed a new set of undergarments) It sounds like a more and more wonderful idea. Put yourself on the pill, you don't have babies and your parter's a bit happier (or upset, depending on your circumstances)... and get your girlfriend on the pill too, perfect excuse to go buy sexy lingerie.
I saw a few posts to the effect of "if it doesn't work you get her preggers", I'd like to remind everyone that no form of prevention is one hundred percent effective, especially abstinence only sex-ed (dear god the lies they told me). I'd say go with whatever works for you, and if you can do more than one thing, then wonderful, get her on the pill, wrap your willy and go at it, as for me I'd rather have myself and my partner each on the pill, with emergency condom's nearby (for if we forgot to take them, ran out, whatever).
That said, I'd like to see the full range of side effects before I take anything that targets my junk. Regardless the complications of the pill, they'll probably be less complicated than guilt after an abortion or a kid knocking on your door 17 years later asking you why you don't love them.