It's a highly effective method in my experience. Also don't forget the production side, you need to practice talking and writing too. You can talk to yourself if you have no one to talk to, it works just as well.
Production is absolutely important, but harder to do. I talk to 3 French people every week, 30 minutes in French in exchange for 30 minutes in English. I also have conversations with myself in French (like a schizophrenic). Where I have been lazy is writing. I need to write more and get it corrected.
My friend who learned english intensively for a lots of years told me one good advice how to become fluent in another language. And how to know you reached the level.
It is when you think in this language. Yes. Exactly. You need to become fluent in thinking in a language to be fluent in real life situations.
And its also kinda cool to be able to think in two language. Its kind of a superpower :)
