What you describe here is the “deref hack” for pseudo-inheritance. Note that the compiler needs to insert the appropriate deref()s, so as far as performance goes, this is rather suboptimal (especially as your hierarchies grow in depth), as each deref involves a type check (granted, the effect will usually be negligible, as branch prediction will be 100% accurate, but still in hot code those few cycles add up). Also this hack only can implement single inheritance.
The currently debated proposals AFAIK all rely on vtables to make the dispatch which is faster, but requires some preconditions to be met. Those preconditions vary between proposals and some of them are incompatible.