This was a staple of the Atlas course, both standing and lying down. It was also in a 1904 book by Bernarr McFadden. Later, a seated version appeared in the Sinkram courses. Will it pump up the lat muscles to bodybuilding proportions? Hardly, there isn't enough isolation.
However, the beauty of this exercise is that it stretches and strengthens the lower back, the hips, and the upper back, coordinating strength and balance between the three. It can also help decompress the spine. I can't recommend this exercise enough for health and longevity. It may not help you do more chins, but it will definitely make a difference in how you walk, move and hold yourself.
Yeah this is definetly something I have to start using again. I do like the standing version the best. Somethings I do is lean on my washer or dryer to take out the balance part of this. You can either lean against whatever on the leg that You are not pulling up. Or lean Your butt or back to the object. You can really focus on the muscles You are working.