It is a nice little method that slips in behind the mind dealing directly with emotions. Extremely powerful too. Have observed many changes in the energy department since using.
It does presuppose the existence of an "i" but it still brings the mind/body back to residing in "the now" very effectively.
The latest lessons on using Ramana Maharshi's "who am I" method are great resources. I have been a big fan of his for a long time and it was interesting to see the "who am I" or "what is I" etc. line of questioning come up naturally from daily practice. The lessons encourage using this "direct method" in a more structured way.
It is quite amazing to observe how powerful the I-thought is at stopping perception at the door to the infinite by falsely correlating itself with the body-mind. Every time it is repeated it opens up that door a little more, allowing for more continuous residing in the now.
another simple method for those who have some inner silence present, be aware of the thought and trace it back to where it came from and experience
by continual practice this will provide a mean to be ever present in the now and sort of an end to suffering turning it into pure bliss as far as i experienced up till now.
Papaji says that it's a mean for self realization and when tracing the thought back to it's source... once you get there, that also would be a good time to ask who am i and letting go of it there.