As opposed to being a "lazy" person's development method of choice (I realize at least some of the posters made this statement with tongue in cheek), I submit that it is the "patient" person's method. As mentioned by others, it involves longer development times; much longer in the case of low luminance range negatives.
The various descriptions of infrequent agitation confused me, but it seems that "stand" development includes no agitation, "semi-stand" means agitating halfway through the total development time, and "reduced," "limited," or some other similar descriptor means agitate every 2 or 3 minutes, or maybe at the 1/4, 1/2, and 3/4 points.
I myself have adopted semi-stand in Pyrocat, and use it for all negatives, whether they need reduced, normal, or lengthened development. Simple is better for me, and I get beautiful negatives every time.