That's old school, and like most old school can work very well .Not only calves/abs but also biceps, triceps and delts can respond very well. Bass Generator gives a good example, when heavier compound movements are worked in..
Strength athletes , at times, do this method. Olympic lifters, may work in a set of the quick lifts (using lighter poundage) like snatches,or even squats, to get their form down.
A little different method: Friend of mine, in high school, would do a couple sets of handstand presses throughout the day to improve his overhead press. Worked very well and also increased shoulder girdle mass. Guy's also hit the calves that way, working more for the full stretch, rather than serious reps. Probably a good idea to avoid going to failure on this style program. Good Luck.