I think the only thing that would bug me would be if you're making a rectangular or square rack I don't see anyway to cut it that will give a straight line on all 4 sides. It seems like other than on the outside edge of the panel if you make a cut perpendicular to a side it will be cutting a row of holes in half, causing it to not have a straight line.
Other than that little complaint, it looks like it would be a good material for a rack.