It'll work if it's done right! Needs to be cooked on a griddle, like you would for french toast or pancakes, so there's room to cook the centers that you cut out. Lots of real butter to keep everything turnable.
I'm originally from Massachusetts and I know for a fact, these things are called sailors in a boat! 'Cause that's what my dad told me!
The real good way is to mix a little milk, egg and some good cheese, gruyere maybe ( which is swiss and not french, btw!) turn the breadslices over in that and fry them. The cheese gives a nice crunchy coating.