I think, as a personal copy of a book, the reveal of each segment of the rocketship and then the alien can be fun each time you read it. For some kids it will be a fun open-up-and-explore-many-times kind of book. I could even see my own baby, who is nine-months-old, spending time exploring the pages by flipping parts of it open and playing with it.
However, as a librarian with books circulating to the public, the format of this book is a recipe for disaster. I can see it coming back after only a couple circs torn or missing half the book...