In a word, excellent! This is essentially a lighter version of creme anglaise as it uses milk instead of cream. It thickens considerably once it is refrigerated and completely cold. Warm it is on the thin side, so if you wish to use it warm but want a slightly thicker consitency, I'd recommend adding no more than 1 tsp. of corn starch (I think you call it corn flour in Australia?).
I'm wondering how this milk based sauce would work frozen - it may make a nice ice cream given a good turn in the ice cream maker.
5/5