I have to say that just sleeving the armour and terminating it into an earth terminal does seem a neat way of doing it. Though, I do find myself thinking that on most cables I've dealt with, it would be a fairly thick bit of wire by the time you got all the strands together !
No. It looks a complete mess. They don't really bunch into a neat bunch, just rather a big untidy one that splits off into different directions near the cable it emerges from. Its a favorite of aircon installers though!
Its nothing like doing the same thing with SY, which can be quite tidy (although technically not quite right) and you are putting the SY screen to earth just for EMC reasons, its not the CPC.