I am not too keen on this style. Why? Because I am not in the head of the writer. I want to be engaged, as a reader. If you start like this, it is impossible to relate until you have plodded on well into the first three or four hundred pages, because you have to bother to put the puzzle of these free thoughts together. And every person has a different way of creating their own thoughts. I think it's interesting, just not the type of interesting I want to waste my time on.
No, I never liked Ulysses either.
Rules are tools, as others have mentioned before. When you start out at something, rules are the strong holds you can rely on until you're comfortable moving around in the new environment. Once you know them and understand why they exist, they become guidelines. Then you are free to experiment and break them. But one thing that should be always present is that these guidelines are there to create a common area where everybody agrees what exactly these rules are and why they are there. If you not only ignore the rules but also the reason of their existence, as in you overrule those general conventions common to the group from which they sprouted, then... there is going to be no communication.