This is actually kinda interesting. I am looking at my apartment parking lot and I could tell you exactly where my car is parked.
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I still can't figure out what problem they're trying to solve. I don't remember my home's lat/long, but I don't know how I'd remember a bunch of random words for each place I go.
If they're claiming lat/long takes up too much memory, couldn't you just round them off? Whatever decimal place is equivalent to a 3m grid?
if we are stationary we describe the place we are. if we are moving then neither the lat/long nor this helps us. good point.