I actually tried the circuit you've described here(just that I used an RGB LED with a common anode instead of 3 separate LEDs), and the results were... interesting.
I didn't know about cascade failure(see Majenko's answer), but I did know that I had to limit the current so that even if all the current passed through one of the LEDs, the poor LED should at least survive.
These are the values that I used:
\$V = 6V\$
\$R1 = 270Ω\$
Voltage drops across the three LEDs were specified as follows:
\$V_{L1} = 1.82V\$ (red LED)
\$V_{L2} = 2.72V\$ (green LED)
\$V_{L3} = 2.9V\$ (blue LED)
I wired them up and... only the red one glowed!
I measured the voltage drop across all of them and all three of them were the same, at 1.82V.
Then, instead of a single 270Ω resistor I used 3 of them across each one and this time the 3 LEDs were glowing fine.
Of course, the combined resistance of the 3 resistors was what you'd expect: 90Ω.
Lesson learned: the voltage drop across the three resistors is different because the voltage drop across the three LEDs is different.
I guess where people go wrong with this is that they try to connect just one 90Ω resistor as R1, causing almost 66 mA to pass through the first LED, causing it to blow and become an infinite resistance, then the cycle repeats with the next LED, and so on until all of them blow.