Oh it's very much as effective as buying a new can in a couple ways, if not more -
1) No new tax stamp, so $200 and long approval process saved right there
2) Brand new can warranty - just like a brand new can. Which it effectively is; the only re-used part is the metal ring that has the serial number and maker information on it.
3) Removing muzzle device dependency from the list of problems
The only time invested is the repair time, and at the end of it you're getting a brand new can to replace a can you're probably not using because it's so gassy, not to mention it's tied to outdated and wobbly muzzle devices.
The main reasons I'm getting my M42k done is because I want to use the thing again which is kind of annoying in it's current format, I don't want to have to keep swapping muzzle devices away from all the Keymo stuff I already have...and I don't want to deal with another form 4, fingerprints, photos, $200 I may as well have used to light cigars with, and an 8-11 month wait just for a rubber stamp and "ok, you can use this harmless metal tube now". The AAC upgrade program abrogates all of that at the cost of $700 and 3-5 weeks (other quotes on time may differ, that's just what they quoted me. For all I know they'll have it done in a week, who knows)
Also, @TGS - no idea on if ECCO can upgrade or otherwise do work like that? As far as I know, they can recore and convert to HUB, but maybe they can do more...you'd need to ask them. You could contact YHM and ask, too? Maybe they can do the work in-house? Also, I'm not sure I'd directly compare the new RC3 to the AAC Ranger series; the Ranger series has at this point been around a little longer, and the RC3 was developed with some very specific customers in mind...it's more a "whole signature reduction" kind of product; IR, heat, sound, and gas mitigation...they also probably got Uncle Sugar to defray some if not most of the R&D costs, as they'll probably be the primary customer. I don't think AAC can really compete with that juggernaut If the R5 comes even close to the RC3 I'd consider that a "win" - for me, I'm just trying to make an otherwise unused can become useful again, without buying a whole new product and tax stamp for it. To me, it sounds like the perfect program for the old 556-AC, if AAC can even upgrade it...you should probably ask them first.
Also...if you're form 4-ing the can away from your friend in the first place, it might honestly not be worth it in that case - unless he sends it off to be upgraded while the form 4 is processing. Even then, that's iffy. Having to do a form 4 anyway kind of defeats the purpose of a lot of this for most people. If you're doing that, you may as well just buy a whole new can for your trouble, IMO. The AAC upgrade is more geared towards those of us who already have the can, want to make it more useful, and don't want to go through the tax stamp BS again when we don't strictly need to.