I've tried too, first with just this small seedling pot straight into a bigger one. The results were curious, as the roots went like crazy through the holes and ended up breaking the first vase.
I've tried again with a bigger pot, like 3 litres, onto a 9 litres. Again, no cutting the bottom or anything, letting the roots through the holes. What happened is that were the roots went through they were thick as fingers. I don't know if that's any better, but they looked like horseradish, and they could take as much nutes as you wanted, it never looked overfed.
I went on trying on a three pots system. The first passing was as good as the others, but the second didn't quite colonize the whole pot by the time it was finished. The substrates in each pot were increasingly nuted, first just plain compo substrate, second with extra wormcasts and third with all of that plus bat guano.
I made a comparative with two clones, same amount of substrate altogether. Unfortunately i had a bad spidermite attack and i couldn't conclude it properly, but at the time of cutting them you couldn't really appreciate much difference in size, if any.
So, i'd stick to the two-pot. What i've heard but not tried is that it works wonders in sog, as the growth after they get through breeaking the holes is explosive, like, you think is something wrong with the plant and suddenly you can actually watch it growing by the hour.
The photo is not the best sample for roots i've had, but the only one i could find.