Unfortunately, I haven't seen too much of this.
They can maintain the linear sequence, but instead of working by years when it comes to graduating classes, they could do it by semesters.
Like this:
If you are entering in Fall 2008, you would be Class of Spring 2012, if you enter Spring 2009, you are Class of Fall 2012.
It can work, but the ACPE has a limit on the amount of students that a school can graduate every year, which I see as a stupid ploy to control the market. If there is a shortage in the market, you fix it by drastically increasing the supply. You're not gonna be able to lower the demand.
The only difference is that either they hire more professors, or the professors teach twice as much, which means they get paid twice as much, and I guess the tuition goes up as well.