I have always wanted to try pegs like that instead of pedals. I can see benefits and drawbacks from it.
One nice thing about standard pedals is that you can move your body way forward or backward on the bike with standard cranks while still keeping yourself well supported. You weight is still transferred through the bottom bracket but the tilting pedals spread over that large distance allows quick forward and backward weight transfer through the opposing legs.
With pegs it seems like shifting your weight out from directly over your feet would have a different feel.
The distance between your feet using standard pedals also effectively makes you shorter on the bike while standing since your legs are forming the hypotenuse of the triangle.