We did that 4 or so years ago. Back to front: Black, Blue; White; Green; plus 3 in-between mixed courses, all rated and sloped for men. (As I recall, only the green and white are rated and sloped for women.) I do not know what our club's staff would say, but my experience is that in general the older men are playing shorter tees than before, and liking it better. However, again based on random observation, many younger men still seem to like to play tees that are, frankly, over their heads.
One consequence of so many tee options, based on the people I play with, is that not all golfers accept the USGA handicap adjustments that should be made when golfers playing a match against each other play from different tees. This means that in some of our informal senior matches, for example, where some guys play white and others green, the handicap differential is not sufficiently adjusted. Thus, if you are going to adjust downward the handicaps of guys who move up from the white to the green tee, the downward adjustment among certain players is not as much as the USGA handicap procedures call for. From my personal standpoint, this is not a big deal -- not worth pushing. I'm just happy to have someone to play with. However, I think it is at least a technical issue with the proliferation of tees and the positive trend of really encouraging golfers to play from the tees that suit their games the best.