It depends what you mean by 'works really well' in rugby I suppose. It's an accepted part of the game so it works well in that sense, but whether it leads to better decisions and whether hearing the referees actually adds anything to the experience I don't know. Part of the issue is what you come to later - there are loads of 3-4 minute delays in rugby because it's a stop start game and nobody really cares that they're taking their time with a decision because nothing else would be happening anyway. In football it's different, the whole appeal of the game is how fast it is and taking an age to reach decisions when the crowd want to see the ball in play is one of the things people hate most about it.
They have been working to speed up the play and cut down on the amount of long delays because it dosen`t make for great viewing, which seems to be the opposite of what is happening in football. They seem to only stop when there is some serious foul play picked up by the TMO.
The problem in our game is that the rules have far too many grey areas. Even the simple rules they bring in they don`t even enforce, Keeper can only hold onto the ball for 10 seconds but plenty will hold the ball much longer and not being penalized, injured players have to leave the pitch for treatment, except for an obvious serious injury, but players go down, physio is allowed on, treats the player on the pitch, the game stopped for nothing.
Offside is the big killer and they shouldn`t be going into the detail they go to.