Does LVM Snapshot Backup Technique Really Work?

I’ll be honest. I backup some of my Percona Server 5.6.28 + XtraDB databases as follows:

– flush tables with read lock
– flush logs
– take LVM snapshot of whole mysql folder tree
– release locks
– rsync the snapshot to another server

If we need to recover from a disaster, we simply rsync the whole folder back over from the most recent backup.(We also use rdiff-backup to maintain incremental backups over time.)

Is this a reliable way to do backups? Obviously this technique will only allow full databases to be restored, not individual tables. Other than that, are there potential downfalls?