On the west shore of the Atlantic, these "Exterior Insulation and Finish Systems" (EIFS) have gone through a few phases:
1, Great enthusiasm and application on many buildings
2, Widespread disillusion and legal action against those who installed it
3, Buildings completely scaffolded and tented so that the failed material could be completely removed
4, Addition of various belts and suspenders to mitigate the problems
5, Cautious renewal of use.
Now, be aware that most of the installations over here have been on framed wall construction, not over solid masonry walls or even veneered walls with a drainage cavity. EIFS began in Germany as a covering for solid masonry walls which, due to their very mass and thickness, were unlikely to have moisture penetrate through them.
The question which you need to ask is "is this a barrier system or a drainage system?"
Barrier systems rely on absolutely no leaks. How likely is that to be installed? There is absolutely no chance that somewhere, something won't quite stick right and there will be a way for water to get in. Since everything else is pretty well sealed, it will take a long time to get out.
Drainage systems (in their best form) create a rainscreen effect. Like a brick cavity wall, there is a place where the moisture which gets in can drain down and out. If the exterior wall of your building has nooks, crannies, innies and outies, a proper installation will need drainage provisions at the bottom of each "drip" edge. That is, at every window and door head, at the lower edge of every major offset, etc. It can be done. Over here, there are a few workmen who can get it done right. It costs more, of course, to do it right.
Personally, I wouldn't do it. Like Kim said, you'll be trading the brick aesthetic for a bland, stucco-ish wall. You definitely will get better insulation, but that's about the only benefit. Looking at your photo, there are a lot of places to be very carefully treated at those balconies, etc.
[disclosure: I'm an architect, and a picky one at that]