This is a new technique and entirely different from the method used by Vangief and other Zangief players. The existing method requires the player to hide or 'buffer' half of the motion in a normal or jump. This does not.
Its practicality is exactly parallel to how hardcore a player you are. So, if you're not hardcore, then it won't be practical.
Although technically, you only need 4 inputs after initiating your jump animation(up, right, down and left). You will most likely be going past diagonals. This will mean you have 7 frames to hit 7 inputs.
EXTRA NOTE (as pointed out by thechap82): Method 2 actually acts as a throw-tech AND armour-cancel option select. As well as being a standing super.