Well, the only advantages of your solution are that a reader can easily see what's happening, and it would work on very old (pre 1.1) versions of Java.
The advantages of using the built-in formatting system are:
1. You don't need to write it.
2. It's extremely flexible; you can control all aspects of how your number is displayed.
3. It's internationalized; It will correctly use '.' as the decimal separator in England and the USA, but ',' in Germany (for example), so you don't need to worry about that.
4. It's available to all your classes; you don't need to worry about including a version in every
applet, application,
servlet, jar etc.
5. Someone else is maintaining, optimizing and testing it for you.
In short, it's always better to use a built-in version of something if it does what you want.