I use that knot as well. Not really much of a time saver to me, but it is a better knot than the standard way I was taught as a kid. It rarely comes untied while the old way did several times a day with recent advancements in shoe laces.
I also taught the knot to my 10-year-old just to see what she would make of it. Took her three tries to understand and now that's how she ties her shoes. It seemed much easier to explain than the standard.