I tried this a couple of times. I can't really speculate on the chemistry involved, but the results were not good. The beer was unpleasantly oxidized by two weeks and nearly undrinkable by four. I went back to bottle conditioning until I got around to buying a CO2 tank.
I still bottle all of my beers pre-carbonated from a corny, but for some reason the compressor really did bad things. I don't know why the CO2 tank makes such a difference, but in my experience it did. YMMV, of course.