
As a method for long multiplication, it works very nicely, and is probably a little simpler to learn than the more usual columnar approach. It is certainly worth showing to students - some will no doubt prefer the standard columnar approach, but others will like the lattice (at least until they get calculators).
But the other day I found another use for the lattice.

Then I happened to look at a blog I've been occasionally reading, and the lattice was mentioned there as well. But in this case, it was about someone arguing against using the lattice method in the classroom. Say what? Sadly, it is true - there are those who would have teachers confine themselves to teaching only one way (in this case, the standard columnar approach), and who disparage any other approach and denigrate anyone who would teach any other approach.
I can't even begin to fathom the mental bankruptcy necessary to say to someone else "there is only one way that students should do it". For me, part of the beauty of Mathematics is that there is always more than one way. Some ways will be faster or more elegant. Some ways will be slow wandering paths, but you may learn other things along the way.
The person who insists that students do things only one way is no educator.