In this variation, stubs/new articles/obscure articles that a few people read each year all get shown at the latest version, because nobody will have bothered to mark a particular revision with the flag; it's only on higher-traffic pages -- which, for the most part, would be the ones where vandalism is more prevalent -- that the use of the flag would come into play.
Vandalism may occur more often on higher-traffic pages, but then again, I doubt it is anything near to the majority of defacement. I think "Bob si a fag0rt" actually gets fairly widely distributed, and most of that crap would still go live immediately under this proposal. Perhaps that is not a problem, if we are mostly concerned with higher-traffic pages.
Will this fragment Wikipedia? Will there be different rules for Japanese, French, Polish, Dutch.... and the rest?
It seems to me there already are. I don't believe fr.wp restricts anon page creation, for instance.