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My experience is that this reduces the amount of spam a great deal, but not enough, while at the same time making life very difficult for list members that post from a different address than the one they subscribed to the list. (I'm one of those, and so not very impartial. :-)
I'm on a number of high-traffic lists where posting is restricted to members and I can't recall the last time I saw spam on one of them. If the new list is on something like Mailman, then you can subscribe both addresses, and set one of them to not receive email. Though I doubt there are many people who will need to do this.