for what I know, it seems that Steve MORSE uses it, it implies that your two fingers holding the pick do pretty much all the job, as if you were writing with a pen.

To develop speed, you have to practice REALLY SLOW, it might sound stupid, but increasing one notch per day and practicing your scales to a metronome is the best way to become a giant picker.
Also, there's another way, that shawn lane has come up with, you practice your scales with one note per string (sounds crazy but wait) it implies giant stretches, but if you play on the upper side of the neck , the stretches are smaller..., Then, you play groups of three notes (three strings) finger picking them...
If you have ever heard shawn lane, you have heard that technique, it is pretty much inspired by banjo players, and it's freakingly fast (people go wow all the time)