I ran away with the Championship with Millwall using the 4-4-2. The key to being effective was playing one of the strikers as a DLF with the support role and the other as a poacher. I had one BWM defensive mid and an attacking CM. the wing players were support and either wingers or wide mids depending on who we were playing. In defense, the FBs were set to support wing backs. The CBs where both set to central defenders and cover. At home we pressed and attacked against teams that I thought we could beat. At all other times, we played the counter.
I guess my point is you can make the tactic work with the right players in the right roles. Just like any other system.