If only to protect these remaining greenlands for their own sake, I think it's a great idea. I also think with Lansing's urban area being so tight (2nd most dense Urbanized Area in the state, believe it or not), this may actually also work to help to reign in sprawl. The reason these don't work in so many other areas is that the sprawl is already too great, but Lansing (meaning the whole urban area) is in a unique an enviable position that it can actually use a greenbelt to help curb the effects of sprawl. I don't think something like this could work in Metro Grand Rapids or Metro Detroit, at least not in the way or reigning in sprawl.
But, again, if for nothing else, it would just be great to protect these remaining greenlands for their own sake, and to save them for future generations to hike and such.
I think a green belt would be an awesome idea, and I agree with LMich that we are in a good position in time to maybe implement one now to curb sprawl. The only problem is; there is no way your going to get lansing, east lansing, haslett, okemos, etc. to work together to put something like this together. Maybe if there is a huge effort to actually convice some township members that putting in a greenbelt/no growth boundry would actually help outlying areas. But thats really unlikely, homerule is just to ingrained in the michigan political psyci.
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But, again, if for nothing else, it would just be great to protect these remaining greenlands for their own sake, and to save them for future generations to hike and such.