It is great for talking through deductive reasoning with children. My 7 year old niece responds great to it. She has the base knowledge to think through the questions, and provide a possible answers. And, it is a lot of fun because she is clever enough to catch me and make me think through things more carefully.

Now, her 5 year old sister still doesn't seem to have enough everyday background knowledge, and focus to respond as well to it yet.

it's not an all or nothing practice. the socratic method is a quick method to give yourself some direction/meaning regarding an idea. if someone you meet says "my idea is a brand1 brand2 mashup", socratic method would lead to 3 or 4 questions and answers which would offer an accurate description of the idea. i don't know - blog posts like this one always assumes people are one dimensional.