I am looking to use this concept in one of my upcoming project.
More info: Managing Hierarchical Data in MySQL.
Please share your experiences good or bad with ex
As you will probably be using stored procedures for some operations, make sure that they really perform well enough for your needs! This could be a problem if you use MySQL, in my experience.
Regarding the new requirement (multiple parents): You are now into much more problematic stuff when using a RDBMS, depending on what kind of queries you need to run against the data. I compared the RDBMS approach to using a graph database on this wiki page. If you are only interested in the RDBMS approach, take a look at A Model to Represent Directed Acyclic Graphs (DAG) on SQL Databases.