It's not a cheap way to do things, but it does make repairs, ad-hoc changes/customisations a lot easier.
Plenty of stuff in the 1950s/early-60s - specially military gear and 'instrumentation' like oscilloscopes - was built similarly. The US called these "cordwood modules". The "Philbrick" company in the US produced op-amps using the same idea -
http://www.cowardstereoview.com/analog/philk2w.jpg
http://www.dvq.com/oldcomp/analog/Ph...dium/gapr2.JPG
in 1952!
[This being one of the designs which made the late Bob Pease famous].