It look awfully familiar. I'm Sure First would like to have a word about that scheme... Ftr, it never worked then why would it work now?
First would have a word about anything, but that is largely because they are incompetent and they have spent years demonstrating an ability to make even good ideas underperform. Branding, bus priority, bus rapid transit, you name it. At some point, the common denominator has to be acknowledged. They simply have not built the credibility needed to convince people they can consistently deliver their side of these schemes.
That said, while tram style buses are not necessarily the best use of money, the concept can work. Glider (in Belfast) is generally regarded as a success and shows that fake trams can attract passengers when it is backed by the right infrastructure, frequencies and operational standards.
The real question is not whether the concept works. It is whether the operator can make it work. If the same issues around service delivery, frequency remain, then no amount of branding or vehicle design will change the outcome. First has shown that you could give them dedicated busways that allow vehicles to teleport across the city and they would still find a way to run an underwhelming frequency for the context of the market they are serving.