Call it what you will, but with proper technique it's an effective guard. Check out the guys at Synergy BJJ utilizing the unorthodox guard that breaks down your opponents posture and limits his attacking abilities.
This style of guard has been used by BJJ players and fighters alike for example Nino Schembri, Jean-Jacques Machado, Shawn Williams and MMA fighters Dean Lister and George Sotiropoulos, amongst many others. The position is used to control and break the posture of your opponent and the techniques can easily be adapted for uses in MMA by eliminating the room need for your opponent to land effective strikes.
If your an inflexible fat kid like me my try sticking to closed guard that's if you can actually lock your cankles together.