I was skeptical at first as you still need to use the lead screw and half nuts and I didn't see much advantage over single point threading. However, it would definitely be useful to cut tapered threads if your lathe doesn't have a taper attachment. I would think that you would want to use a pipe thread tap for the cutter rather than angling the tap to the taper angle as by angling the tap, you are also rotating the thread form which would cut a leakage path.
You will have to be very quick at backing out at the end of the cut as you cannot disengage the half nuts. He is also cutting with the heel of the tap and I'm not sure what effect that will have on the thread form.
I will be interested in seeing a report from someone from HM who has actually tried this.