1. Need a bright reference object, so area of sky available is tiny.

2. Only works at specific frequencies (right now, only infrared).

3. Multiple deformable mirrors presents a problem of such complexity that it becomes questionable whether the result is worth the trouble.

In short - the simple and best solution is to put telescopes in space. This is relatively cheap, needs to be done in any case (asteroid and comet defense), and had limitless potential without handsprings.