laying the mark(up)down

So apparently there’s this syntax that I noticed used in a blog’s comments area. It seems pretty wiki-ish to me (which is a good thing, I like wiki’s), but as a tiny hint of NIH combined with a “why not just use one of the existing Wiki syntaxes?” thing going on, IMHO. šŸ™‚

Anyone used it and wiki and liked it or not? I’m curious what others that have used both extensively think.