I can't see a reason why that shouldn't work. As long as all the power is on the other side, while the DVI/VGA connectors remain where they are.
Frankly, with higher-power cards, I should think it's a technical necessity to put the voltage regulators and the GPU on the same side of the card, to avoid having to pass the power through the substrate ?!
I'd love to see the other side of that Asus as well though. I'm sure we'll see it, and lots of other juicy new stuff when CES starts though