Eunny has this to say about it:
Lace Cast On
This is a peculiar cast on, not overly popular or well-known, but very useful. It forms a loopy, open edge, sturdier than a backwards loop, but far more elastic than the long-tail. Worked loosely, this cast on is suitable for any lace project that requires a real beginning row.
The movements are basically that of a cable cast on, except the new stitches are drawn through the last stitch, rather than between the last two stitches.
Well, not well-known or popular unless that's the only one you knew for years. *shifty eyes* On the upside, I'm a learning a lot of other cast ons these days, but I found it somewhat hilarious that when I was casting on some lace, it specified using this cast on and I had to look up to see what it was. *rolls her eyes*