I don't have a lot of experience specifically of doing this with oak, but I have done a bit - more sweet chestnut. It works, but it does show up all the defects, particularly knots. Here the grain tends to dive or climb, which results in a bit of wastage. If there is any twist at all to the grain, forget it.
Obviously you need to create split lines radially, out from the true heart of the tree, which may not be the geometric centre. I find it works best to start by tapping a fairly sharp wedge in so it just bites so only about a quarter of an inch, right at the edge, then knock it out and move it in a bit and do the same again, so you end up with a continuous line across the tree, right across the heart. This tends to start the line of weakness, which then gives you a straighter split. I then drive two wedges into the end, both fairly near the outside edge. Once they start to bite I check that the split is following my line. If so, I keep going. If not, I put another wedge in at the point where it's starting to diverge, to correct the line.
Once it's running nicely across the end, I drive the wedges home. At this point, if not before, I make sure that the split is horizontal. I then drive wedges in pairs, one from each side, to try to keep the split running as close to equal halves as I can. I don't start a matching split from the other end, as they never line up, so I just keep the split running to the end.
Splitting the halves into quarters is the same, but you don't need the pairs of wedges - a single wedge will run to the centre, although I like to use a very long wedge to be sure it's running straight through - I have one made from a straightened length of transit leaf spring, which is about 15ins long, which seems to work quite well.
The biggest bit I've split is about 2ft6in across, on a site where chainsaws were not permitted. It went well enough to be prepared to do it again. Mostly I'm splitting down 1ft diameter chestnut for tile batten.
The other thing I would add is that it's worth getting a decent side axe for truing up surfaces if you're using this approach. It can really rip material off the surface fast when needed.
Alec