Cos I thougth It was interesting and pertinent to us.
re: beign around for years.. i think you're confusing it with:
www.microsoft.com/legitimate/url.html@obfuscated
which of course sends the first part as the username and is ignored.
This one is similar, except the real url is totally hidden, in the link, the status bar and the url bar.
same idea, a little bit trickier.