Definitely one of my favourite exercises, and not just because you look like a beached whale while doing it.
This is one of my favorites because it limits the chances of you cheating by bringing your shoulders forward, and increases lat use.
The key to this exercise is pulling the weight more to your hips instead of straight up to your shoulder. This will use your entire back, not just your shoulders.
Give it a shot and watch your back light up! Give me a shout with any questions.