That is if this formation was actually used. Since it's pretty famous it wouldn't surprise me if it was a myth, like vikings with horned helmets. This formation seems a pretty decent protection against arrows and small rocks (from slingshots) but would it be as viable against crossbow bolts? Even if it isn't viable against crossbows, wouldn't it be better than nothing at all?
A variation of the Roman testudo survives in the warhige or "war hedge", the shield wall tactics which were a mainstay of English warfare throughout the Anglo-Saxon period and well after the conquest. The Bayeux Tapestry shows us a representation of a shield wall in action but takes some liberties with the shields, showing only a thin line using Norman-style cavalry shields, likely a limitation of the medium and confusion on the part of its makers. Anglo-Saxon poetry such as The Battle of Maldon, and accounts of the battle of Brunanburh in the Anglo-Saxon Chronicle tell us much more about the "warhedge" and how it was used. Unlike the classical vision of scutum-carrying Romans, the Anglo-Saxons would likely have been using round shields, and in line rather than column, but other than that there are some remarkable similarities.
The Anglo-Saxon shieldwall forms a base from which missile warfare can occur, before the wall eventually clashes with its enemies. The Battle of Maldon recounts that:
Then loosed they from their hands the file-hard lance,
The sharp-ground spears to fly.
Bows were busied - buckler met point
Bitter was the battle-rush, warriors fell
At the Battle of Brunanburh, the ASC notes there was "many a northern warrior shot over his shield." As the shield walls clashed with the enemy, however, the real slaughter began with sword and spear. In a break with Roman tactics, this clash was also the opportunity for nobles and their retinue warriors to charge and try and break the shield wall. At Brunanburh, "Edward's sons (King Æthelstan and his brother Edmund Atheling) clove the shield wall, hewed the linden-wood shields with hammered swords."
The shieldwall of the Anglo-Saxons proved highly effective against William the Conqueror's combined-arms tactics at the Battle of Hastings. William of Malmesbury's Gesta Regum Anglorum calls the Anglo-Saxon shieldwall at Hastings a scutorum testudo, indicating that it was similarly as effective as the Roman formation, and performed a similar role of melee and missile defence. Accounts of the battle by William of Malmesbury and Orderic Vitalis agree that it was only William's superior tactics - in luring the English flank into charging and breaking its shield wall - that allowed the Normans to triumph.
The English testudo remained a battlefield tactic into the twelfth century. Aelred of Rievaulx's Relatio de Standardo about the Battle of the Standard in 1138 recounts that the English militia are successful against the Scottish because of their highly disciplined shieldwall, behind which their archers are able to decimate the Scottish charge.