Name Value Pair Design

I want to store many different types of objects in a single table. I
was thinking of using the name value pair approach to achieve this.
Does anybody have any experience with a such a design?

The table might look like this
CREATE TABLE NV (pk int, type int, [name] varchar(100), value
varchar(100))

--Insert a manager - type = 1
INSERT INTO NV (pk, type, [name], val)
VALUES (11, 1, 'FirstName', 'John')

INSERT INTO NV (pk, type, [name], val)
VALUES (11, 1, 'LastName', 'Smith')

INSERT INTO NV (pk, type, [name], val)
VALUES (11, 1, 'Position', 'CEO')

--Insert an employee - type = 2
INSERT INTO NV (pk, type, [name], val)
VALUES (21, 2, 'FirstName', 'Joe')

INSERT INTO NV (pk, type, [name], val)
VALUES (21, 2, 'LastName', 'Blog')

INSERT INTO NV (pk, type, [name], val)
VALUES (21, 2, 'Position', 'Developer')

--Insert an inventory item - type = 3
INSERT INTO NV (type, [name], val)
VALUES (13, 3, 'Name', 'Chair')

INSERT INTO NV (type, [name], val)
VALUES (13, 3, 'Color', 'White')

INSERT INTO NV (type, [name], val)
VALUES (3, 3, 'Price', '$150')