This system is massively open to abuse. I suspect the panel will be anonymous for starters, which opens it up to abuse. Plus, a player dives, defender gets sent off and the awarded penalty is scored. Subsequent review shows the dive, but the result still stands.
We all know there are players that will receive more leniency than others, and vice-versa. Certainly for our games Sly/BBC/BT will be desperately searching for the camera angle which shows the slightest of feather touches on the opposing player which proves it wasn't a dive, but when Sterling or Aguero goes down in the opposition box it will be the only camera angle that doesn't show contact.