It really is a nice theory. The only defect I think it has is probably common to all philosophical theories. It's wrong.
Naming and Necessity (1980, p. 64)
I am somewhat uncertain whether there is a definite factual question as to whether natural language handles truth-value gaps … Nor am I even quite sure that there is a definite question of fact as to whether natural language should be evaluated by the minimal fixed point or another, given the choice of a scheme for handling gaps. We are not at the moment searching for the correct scheme.Saul Kripke