My first impression is that this is a fantastic and novel development for centralized log analysis.

Basically, it's a virtual filesystem that pretends to create files, but actually intercepts writes to log-style files in this virtual location and buffers those in memory, eventually shipping them off to a place where you can run central analytics on them (ie: Splunk, Logstash, etc).

The application doesn't know that it's writing to a virtual file: it just opens a descriptor, dumps a line or two every few seconds and continues along its merry way. The logs never touch the disk, which means that they don't content for limited disk I/O bandwidth.