I am going to try this formation for my u-12 team. Previously I played a 4-4-2 system (with a sweeper/stopper, and defensive mid/centre mid), but this meant that we didn't have a numerical advantage in the centre of the park.
From the first few games we've played, all other teams have played 4-4-2, so I will change to the new 3-1-4-1-1 (which becomes 5-1-2-1-1 in defence).
This formation does two things well: 1. It gives you a spare man at the back - as the opposing two strikers will be man marked by the two stoppers. 2. It gives you a spare man in the centre of midfield.
However, this formation relies on 2 ULTRA-FIT and very INTELLIGENT players to occupy the wing back positions, as they must run up and down the line all day - being part of a back '5' in defence and a midfield '4' in attack. They are key to the formation/system - without them performing well, it will all break down.
Another weakness may be if the opposing fullbacks get forward, which means a possible 2 on 1 scenario for the other team on the wing. However this usually doesn't happen at a youth level for football. If it does though, you must instruct your 3 centre mids to SHIFT across as a UNIT, and close the space for the opposing full back to work in.