As a UX guy, the prevalence of the Pinterest layout has made me cringe a bit. But I think it definitely has a place, given a few caveats:
1) As others have said, if your site's purpose is more discoverability than navigability, then this layout may work for you.
2) This layout can work if you have the discipline to pare down on everything else. I've found that using Pinterest-style layouts has forced us to really reconsider whether content on our page needs to be there, since everything becomes so prominent. In some ways it's helped us flatten our IA.
1) As others have said, if your site's purpose is more discoverability than navigability, then this layout may work for you.
2) This layout can work if you have the discipline to pare down on everything else. I've found that using Pinterest-style layouts has forced us to really reconsider whether content on our page needs to be there, since everything becomes so prominent. In some ways it's helped us flatten our IA.