By outside walls, i think you mean external walls... basically you want to know if dryling the building envelope is a good idea????
This is a common practise and has many advantages, however....
I would be careful regarding the following points:
1. The insulation you incorporate should actually be breathable and NOT vapour barriered. If you install a vapour barriered insulation you effectively have a vapour proof sandwich which does not allow for the exhaustion of vapour within the space between the cavity board insulation and the plasterboard insulation. I would recommend a sheeps wool, rock wool, softboard, or hemp based insulation here.
2. Thermal mass of concrete is not really a huge issue as concrete losses heat very quickly... if you use something like softboard it would absorb solar heat during the day and release it slowly during the evening / night.. this is the preferred situation. Plus your concrete will absorb your space heating causing your house to heat up slower, a bad thing if you have UFH.
3. Your window and ope details become very important. But on the otherhand, as galwaytt states, you can create a service cavity which makes servicing easier.
4. you would definately need a Heat recovery system and not passive wall vents.