This is something I've done a lot, and haen't gotten a lot of positive feedback from it. It's just something different... not a full band, and not just an acoustic guitar. It gives you more of an Owl City, electronic feel. The trick here is using the right tracks. They need to be killer, and not too busy. If they are too full, it will sound like you are singing to a background track... and that is where cheesy slips in. Choosing the right loops / tracks for this is key. Here's a video of someone at our church leading from acoustic guitar with a pretty full sounding loop track.
or here is a video of an acoustic worship set I did a couple months ago. I played acoustic guitar and a kick drum, but we also played with tracks. Have a look.