This question is mainly directed to Megan A Smith, but others should feel free to answer.
Yes! I think another name for it is the method of loci, though it's possible that there are subtle differences between the method of loci and the memory palace that I'm unaware. It's fun, and it works for memorizing things. The intro students seem to love hearing about it, and they're usually fascinated by the concept of the memory competitions. That being said, I'm not sure how great it is for learning more complex things.
Here's the TED talk by Joshua Foer (https://www.youtube.com/watch?v=U6PoUg7jXsA) about learning the memory palace and competing in the big memory competition. He's the journalist who wrote Moonwalking with Einstein.