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Key sequences -- even though they may involve more strokes -- are simpler in some ways than chording, so I can see why that would be attractive.

It's actually unclear whether it's less efficient or not. Sean Wrona, one of the fastest typists in various competitions, generally uses it in place of shift.

He posts about it here: http://forum.colemak.com/viewtopic.php?pid=8851#p8851

The first thing to come to mind when I read the parent was Sean Wrona too...

I use StickyKeys which lets me hit Shift and then a letter, which I think is even faster since you don't have to "un-shift" like you would with CapsLock.

The ergonomic considerations of what he proposes are a little terrifying to me.

One of my work mates uses this technique too. I remap my caps to ctrl. Hilarity ensues whenever he tries to use my keyboard for pair programming.