It's been around a few years.
It's just a system for making locations easier to remember/share - as long as you've got access to the system that created it in the first place. But then if you have access to the internet you'll probably have no trouble finding it with a postcode/address/coords in the first place.
Much easier to tell a friend to meet at gusto.shrouded.suggestions than 1°49'38.9"S+58°58'27.8"W or -51.827477,-58.9754943,18 - assuming you can't write/record it anywhere.
Although actually trying to find a place when you've got no internet access may be difficult as you won't know where gusto.shrouded.suggestions is - but any map (paper or electronic) can be used with the coords.
My mate is moving to a new house in rural Cornwall, and the postcode gives a location about a mile away, so we had to put his new address into the satnav via coordinates.