It's an excellent law and works fine when people realize it exists. Many years ago I was in a state that required you to stop when people were crossing the road, regardless if there was a crosswalk or not. Seemed to work just fine.
When I was in Italy we were reminded that people in the crosswalk have the right of way...as long as you don't look at the drivers. If they know you see them they seemed to feel that they then had the right of way and will keep right on going. We were crossing the street once and I could hear my friend muttering to himself: "Don't look, don't look, don't look". :)