This has been done before by one of the major auto makers, it's not really a new idea, just no car to my knowledge has been produced using it. It would remove considerable mass and friction so power would be up when compared to a similar engine with a cam(s). As well allowing a computer to precisely control the amount the valve opens and it's duration, with infinite variations of the two would certainly make a car's motor more versatile.
You start with a bag full of luck and an empty bag of experience. The trick is to fill the bag of experience before you empty the bag of luck.