I won't give details in here about the performance. This system would be very good. The overhead caused by the algorithm itself is huge, however. So , it is impossible to implement this algorithm without hurting performance very much. Round-robin scheduling is really the easiest way of scheduling.
All process form a circular array and the scheduler gives control to each process at a time.
It is off course very easy to implement and causes almost no overhead, when compared to all other algorithms. But response time is very low for the processes that need it. Off course it is not the algorithm we want, but it can be used eventually. And this priority leads us to the next way of scheduling. The process with the highest priority that requests cpu time gets it always.