Ideally, this will clean up Facebook posts so they don't have all those people tagging their friends in the comments section. Also, it should give users more control over what's posted on their Facebook page. And sure, if you have "Timeline Review" turned on, you're able to review tag posts before they show up on your timeline anyway. But, this eliminates the need to review anything, which means there's one less step to deal with.
This feature has one huge catch, however: Your friends have to use it. Facebook called this an "option," implying the old method of tagging will still be around. That'd mean your friends could still tag you the normal way if they don't know any better, or if they're just being jerks. Sorry. Your friends might be jerks.
No word on when/if the new feature will roll out. But, this does seem to go hand-in-hand with Facebook testing out temporary Facebook posts that won't appear on your personal timeline, which also gives users more control over what's presented on their pages.