This is a really cool idea but I'm not sure the huge manufacturers would go for something like this. Coca-Cola really relies on its being red to be identified. When I see a red can, the first thing I think is Coca-Cola. I do think that if manufacturers really just gave this a try, it could work eventually. However it would take a good amount of time for consumers to adjust to the change.
I also like that this project brings the focus off of the color and onto the actual logo design of each soda manufacturer. This would really be a nice test for those logos that rely so much on color. Logos should always work in black and white first before color is brought into the mix, so I think consumers would buy according more to the design of the logo if this proposal were to go into effect.