Condorcet Voting Method

In another thread, I mentioned the Condorcet method of voting. Has anyone ever looked into this? From what I've read, this seems to be the best preferential voting system out there. I know IRV is more popular, but Condorcet seems to have fewer problems and be more "fair".

Here's an example of how the Condorcet system would work:

Three candidates, (A,B,C), and 100 voters. Instead of just picking their "first choice" (like we do currently), we ask them to rank their choices. Here are the results:

30:A>B>C
10:A>C>B
05:B>A>C
20:B>C>A
10:C>A>B
25:C>B>A

(ie: 30 people like A first, B second, and C last)

Then, you set up pair-wise "virtual elections" to see which candidate would be undefeated when paired against the other candidates. In this case, the results would be:

If A & B run, there is a 50/50 tie.
If B & C run, B wins with 55% of the vote.
If A & C run, C wins with 55% of the vote.

So, B beats C, C beats A, and A ties with B (note, I could have actually made it so that A beats B but with less [than 55] votes, 51 for instance).

B is the only candidate that is undefeated. When paired with each of the other candidates, B never loses. In this case, B would win using the Condorcet system, but A would have won using our current system.

I like it. What do you all think?