Sure, at least you take the worry of server management away, but I think your focus on CLI might not be well justified, as existing CLI tools are already very good and incredibly easy to set-up (aptitude install gitosis; git clone git@myserver.org:gitosis admin; done!) :)
Getting a Git repo setup with a web accessible interface is not trivial and for the time spent doing it, you could be doing other things like ... you know ... writing code to make you money.