It's actually sequential testing which is not necessarily Bayesian. Also, it's not a cheap knock off. Just another way of getting to an answer.
Not trying to pick a fight, just as a statistitian/ML developer I've seen the same things be reinvented and renamed so many times.
http://pages.optimizely.com/rs/optimizely/images/stats_engin...
This kind of faith-based statistics is pure ideology.