I would say this could be extremely useful.
This would be a very clever way to create or improve trading strategies/systems.

For example, if I have a successful automated system which is profitable 60% of the time, using this idea, I would study the 40% losing trades and see what they have in common between them that is absent in the winning trades.

This can lead to finding something which can help to filter out losing trades and thereby refining the system to increase profitable trades to 70% for example.

Look at CAN SLIM. This idea is similar to O'Neil did.

Do you know of any software on which this kind of back testing can be done?