The validity of this approach really depends on the input to the laser power supply. Particularly the pot resistance really depends on the impedance of the input. If the input has a 100k pull up or pull down, then a 100k pot isn't going to work very well (depends on what it ends up set to and if the input pulls up or down). Likewise the bandwidth of the input matters as far as your PWM signal as phil points out. If the input is heavily filtered and you set the PWM frequency well below that filter's cutoff then you're fine. If not, then problems.
One other thing to consider, when the MCU is in reset the transistor is held off via R27, which means the laser current signal will be at max voltage. Is that what you want? If not, consider another approach that will reliably give a minimum signal when the MCU is in reset. Could be having the MCU gate the 5V signal to the top of the divider, or could be something else...
The most straightforward approach may be the best, especially if you don't know what the input characteristics are. There are a fair number of MCUs out there with built-in DACs now, including some of the new ATTiny parts, so if you don't need tremendous resolution or accuracy that could be a nice way to go. If you need a better DAC, then take your pick of external ones. You might need an external op amp to increase the voltage range, but that's also an opportunity to adjust the max current setting by adjusting the gain (you could also adjust the reference voltage for the DAC). This gives you a true analog output, and the output impedance can be whatever you want by placing a series resistor on the output of the op amp. Since you don't need filtering like with a PWM signal you may be able to get better settling times although that may not matter.