I prefer this to the check raise bluff on the flop because I find that people usually call the flop after c betting and getting raised.
If I bluff on the flop and get called, then I need to fire a bigger barrel on the turn. If I just float the flop, and lead out the turn, I can bet smaller than the first scenario and accomplish the same effect. If I lead out the turn and get raised, then I just muck.
PS, of course, I only do this if I feel villain is weak... betting two overcards or ace high, etc.