For a normal person, only a "sport coat" might look ok in that combination. A "suit blazer"? Only someone feom Hollywood can pull that off. They can pull anyhing off and people say "ooooooh". Not that I envy them.
I think it's a great way to dress down a blazer. If you have an even in which the dress code is semi-formal or business casual, that would be a pretty good combination. Just as long as the jeans do not have that "destroyed" look... All in all, it all still has to look neat for the look to work.