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Me and some friends in my clan have been doing this for a few days now. It's a great spot if you're trying to get your light up to a 24, but after that you're better off grinding marks. Also it's a great spot for grinding out cryptarch rank with all the blues. But not amazing for legendaries they don't drop as often as you'd think
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I got banned for doing this...
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You get better stuff in less time in the crucible and it's less boring. I did some farming on Venus and it's a dull waste of time. That cut in the video was probably at least 30 minutes of elapsed time for a bunch of Uncommon loot.
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Waist of time
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Heard about it, not tried it yet... Nexus still seems to be the best though.